Providing high quality real estate services in the City of Charlottesville and the surrounding counties of Albemarle, Fluvanna, Greene, Louisa, Nelson, Madison & Orange.
An appraisal is an objective opinion of value, but it's not an exact science, therefore appraisals of the same home in a similar time period may differ. 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.
For buying and selling purposes, appraisals are usually based on market value - what the property could probably be sold for. Other types of value include insurance value, replacement value, and assessed value for property tax purposes.
Lenders usually use either the appraised value or the sale price, whichever is less, to determine the amount of the mortgage they will offer.
What most sellers don't understand is that your last appraisal for refinancing cannot be used to determine the value of your home when placing it for sale. The appraiser uses different standards to determine the value of your home when a buyer pays for a mortgage appraisal than for a seller's refinancing appraisal. Different forms, different standards, different values.
Email LindaWiller@remax.net for an appointment to put your home on the market!