Understanding Real Estate Appraisal Reports

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.

1:14 Intro

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

13:39 Adjustments

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

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