Appraisal 101 – 4 Part Series on Appraisals and What is Inside Them

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Appraisal is probably a word that was brought up when you were buying your home or refinancing. You dug into your pocket and paid $300 or $400 but you probably have never seen your home appraisal. You paid for it, you own it, you have a right to a copy of your home appraisal, but to get a copy, a homeowner usually must request it from the mortgage company – in writing. Between the goings on of day to day life, someone is not likely to place a written appraisal request high on their priority list.

Most homeowners really don’t care about the appraisal. As long as the conclusion was the house was worth enough to justify the mortgage, homeowners are happy and, by the time the ink is dry on the closing documents, have forgotten they were ever required to spend the money.

Still, an appraisal is interesting and, in the future, might help you track your home appreciation in light of other sales in your neighborhood. Make the effort, you can probably request a copy by email, read it, then save it for future reference.

In the next week we will cover the basics of appraisals such as what goes into a Comparative Market Analysis (CMA), what is a Broker’s Price Opinion (BPO), and how an appraiser estimates your home’s value. Stay tuned! And for more information on appraisals or to get a referral for an appraiser in your area give us a call at 225-368-3237