Whitley Leopold: A real estate appraisal is an OPINION OF VALUE, provided by a professional with certain prerequisite training and experience and licensed by the state in which he operates in. This opinion is based on an investigation of the subject property, the neighborhood, as well as market conditions and appropriate comparable sales. The analysis of the foregoing data is then condensed and reconciled into that opinion of value.For a more exhaustive description, please consult the following Wikipedia entry:http://en.wikipedia.org/wiki/Real_estate_appraisal...Show more
Lashawnda Anteby: Real Estate appraisers are experts at home value estimates. Anytime you need a professional opinion of the value of your home or other real property is being used to make a significant financial decision. If you're selling your home it can help you set the most appropriate value. If you're buying, it makes sure you don't overpay. If you're engaged in an estate settlement or divor! ce, it ensures that property is divided fairly. A home is often the single, largest financial asset anybody owns. Knowing its true value means you can the right financial decisions.www.sactownappraisals.com...Show more
Chris Rosenkranz: The bank will loan money to a buyer so she can buy the house. The bank will loan a percentage of the value. 80%, 90%, 95%, 96.5%. They need to get a "value" so they send out an appraiser to tell them what the house is worth. The appraiser finds 3 nearby houses that sold recently. Then adjusts for the size and condition of those houses.
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