I'm in my Marketing class right now, and our assignment is to right about a topic assigned to us and I don't know what "real-estate appraisal" is. I need help writing my essay :(((
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.
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.
