A real estate appraisal is needed at a variety of times. The most common is when real estate is bought or sold. The real estate appraisal is needed by both the buyer and the seller. The seller would like to know a reasonable amount that they can expect for their assets. The buyer would like a basis on which their offer can be made. A real estate appraisal may also be needed for tax purposes, insurance, or to obtain a mortgage. Some people will even get a real estate appraisal of their home simply out of curiosity. This can give someone a better idea of their net worth, even if it is not needed for any transaction in the near future.
To perform a real estate appraisal, appraisers will follow a variety of methods. There is no set method that always works best due to the great variance of factors that can add or detract from the value of a property. Location, size and state of the buildings and land, and the style of building are but a few of the numerous features that can impact a real estate appraisal. Appraisers will most often work alone, although many will belong to an association that will provide them with additional credibility. Many appraisers will act as a consultant, and can even be used as an expert witness to defend a real estate appraisal in court.
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