Understanding Real Estate Appraisal Reports
Jan 21st, 2021 by Real Estate Pro Tips
In this episode, the topic is Understanding Residential Real Estate Appraisals.
You may have recently entered into an agreement to purchase a residential property or you may have completed a loan application to refinance your home.
Lenders are required to obtain an appraisal, prepared by an impartial and unbiased appraiser, and use it as the primary tool for assessing the sufficiency of your collateral.
You may want to retain an appraiser to provide an appraisal to help you make decisions such as buying, selling or refinancing your home. This podcast will help you understand the residential appraisal.
2:17 Basics of an Appraisal
4:37 Why is an Appraisal Necessary?
5:31 Developing the Value Opinion
6:01 The Appraisal Process
7:10 Sales Comparison Approach
7:57 Comparable Sale/ Listing
11:00 The Cost Approach
15:25 Income Approach
17:06 Opinion of Value
17:59 Appraisal Reports
20:28 Appraiser Independence
23:24 What if a Correction is Necessary?
24:46 Options in a Flawed Appraisal
25:43 Fraudulent Appraisal Practice
27:03 Out-of-Town Appraisers
29:37 Information to Provide to an Appraiser
32:24 When an Appraiser Inspects Your Home
34:21 Appraiser Codes
35:15 Wrap Up