the appraisal as a basis for pricing. The buyer can use it as a gauge on which to base an offer. Lenders use appraisals to know how much money to credit to their borrowers.
The important factors in a house appraisal are:
• Dwelling type (e.g., single family home, townhome, condo, duplex, one-story, two-story, split-level, factory- built) • Features (including design) - materials used and the kind of structure present and how they were built • Improvements made • Comparable sales • Location - type of neighborhood, zoning areas, proximity to other establishments • Age of property • Size • Depreciation Condition, of course, is a crucial factor in valuation. Location is also a factor; however, as property cannot change location, upgrades or improvements to a residential property often can enhance its value. A professional appraiser should be licensed by The California Bureau of Real Estate Appraisers (BREA), qualified, with expertise in your area. His or her job is to determine an estimated value by inspecting the property, measuring it, reviewing the purchase agreement terms, and weighing it against recent sales with the same criteria and/or condition.
COMPARATIVE MARKE TIVE MARKET ANALYSIS BY A REAL ESTATE PROFESSIONAL
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