It's an objective opinion of value, but it's not an exact
science so appraisals may differ.
For buying and selling purposes, appraisals are usually
based on market valuewhat the property could probably be sold for. Other types
of value include insurance value, replacement value, and assessed value for
property tax purposes.
Appraised value is not a constant number. Changes in market
conditions can dramatically alter appraised value.
Appraised value doesn't consider special considerations,
like the need to sell rapidly.
Lenders usually use either the appraised value or the sale
price, whichever is less, to determine the amount of the mortgage they will
Questions about Lendem Financial mortgage loan options? Why you should think about using a mortgage broker vs a bank? Using a Mortgage Loan Officer that has access to all sources of lending institutiuons helps people get the best loan for their situation and offers all options on the market vs the programs at one bank. Call Todd Rubick of Lendem Financial and tell him why the bank said no... If your tax returns do not show your true income, or credit is less than perfect... Full service all source lending strategies will be offered for those that need them.