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Myths and Realities About Real Estate Appraisals and Appraisers

 

MYTH: Assessed value should equate to market value.

MYTH: The appraised value of a property will vary, depending upon whether the appraisal is conducted for the buyer or the seller.

MYTH: Market value should approximate replacement cost.

MYTH: Appraisers use a formula, such as a specific price per square foot, to figure out the value of a home.

MYTH: In a robust economy - when the sales prices of homes in a given area are reported to be rising by a particular percentage - the value of individual properties in the area can be expected to appreciate by that same percentage.

MYTH: You generally can tell what a property is worth simply by looking at the outside.

MYTH: Because consumers pay for appraisals when applying for loans to purchase or refinance real estate, they own their appraisal.

MYTH: Consumers need not be concerned with what is in the appraisal document so long as it satisfies the needs of their lending institution.

MYTH: Appraisers are hired only to estimate real estate property values in property sales involving mortgage-lending transactions.

MYTH: An Appraisal is the same as a home inspection.
 
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