Real Estate Appraisal

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An accurate real estate appraisal is very important both for property buyers and sellers. Determining the correct value of a property guarantees a fair market price. Two of the most important factors considered in real estate appraisal are highest value and best use of the property. Highest value in real estate appraisal literally means determining the property’s highest possible value. Best use, however, determines if the real property is profitable or will be profitable. These two factors have a direct relationship with each other. Real estate appraisal is usually the job of licensed appraisers. They make a real estate appraisal report that includes the property's condemnation value, market values and quick sale value.

In the United States, where there is a thriving mortgage loan industry, real estate appraisals are required before any loan on a property is approved. This will guarantee that the bank will get its money back in the event that the mortgage payment was not completed. Banks can choose between an in-house appraiser and a hired appraiser. This appraiser should make a real estate property appraisal that is not biased. Oftentimes bank requires the appraiser to make a detailed real estate appraisal report which will include the following:
• Comparison with three similar properties.
• Physical condition of the property which include structural damages
• Local real estate market situation
• Classification of the real estate
• Other important details like accessibility and proximity to main highways, commercial centers, schools, etc.

For new homes, most appraisers conduct a real estate appraisal by employing a method called “cost approach”. This method will determine real estate value based on the cost of building that property. Once a positive appraisal is reported by the appraiser to the bank, the loan is granted. Some times a loan is denied when there is one factor in the appraiser’s real estate appraisal report that didn’t meet the banks standards like poor accessibility or long sales time estimate. Banks need to be sure that their money will be recovered easily in the event of foreclosure.

Real estate appraisals can also be done on foreclosed properties to determine present market value. Many foreclosure listings are available in the internet. At Foreclosure Listings, you can browse their foreclosure listings to search for properties that have positive real estate appraisal report. You can purchase these properties an investment or acquire it for your own. Foreclosure Listings guarantee fair market prices and top quality customer service.