Determining the value of a home is one of the most important parts in either buying or selling property. In order to determine this value, a person will have to get a home appraisal. A home appraisal is when a professional comes in and determines the true value of your home. It doesn’t take into consideration the sentimental value that the owner has attached to the home, which comes as a difficult concept for many people to grasp. However, it does take into consideration the number of bedrooms and bathrooms the home has, the year it was built, the condition of the structure, the location, and the price other homes recently sold in the neighborhood.
It is important that you obtain a home appraisal so you can make a decision regarding how much you should list your home. In addition, a home appraisal is generally required when you are looking to obtain a mortgage because the lender needs to know the true value of the home if it goes into foreclosure and they need to sell it. The bank uses a home appraisal to determine the cost of the home so they can recoup the value if the owner defaults.
If you have questions about why you need a home appraisal when it comes time to buy or sell a piece of property, contact an experienced real estate attorney today who can provide you with assistance.
If you require experienced legal representation for any of your residential and commercial real estate, bankruptcy, or family law matters, contact the Mark Scollar Law Office today to schedule a consultation.