A real estate appraiser inspects a house and collects information on it then studies the area and the market for property in the area, and writes up a report containing an estimate of the market value. It’s more than just an arbitrarily calculated value, but rather a formula that examines the property in question against others (called “comparables”) within the same neighborhood.
People use real estate appraisal services for different reasons. If you’re buying or selling a home and need help, an appraiser will be able to help in determining what you can offer or what to ask for while negotiating the price. If you’re applying for a house loan or looking to market your home in the future, the law usually requires that you get an appraisal so lenders know the Loan to Value (LTV) amount they can lend.
To determine what is the correct amount of insurance rates, many insurance companies use appraisal services. It can be difficult to determine the amount of loss in case a homeowner does not have an appraisal. olq37id7id.