An appraisal is a formal process that establishes the estimated fair market value of a condominium property. This is what your investment is objectively worth at that point in time. Appraisals are usually required by banks before they approve a mortgage. This is to make sure the loan amount isn’t beyond what the lender can expect to recoup if the buyer defaults on the mortgage. Sale isn’t the o...
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By in Residential

If you plan on purchasing a new home with a mortgage or refinancing your current loan (or even getting a reverse mortgage), you will most likely need to order a mortgage appraisal. It might also be required for a home equity loan. This is a comprehensive report that determines the value of your property based on a number of factors, ranging from gross living space, to the view and the year a prope...
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By in Real Estate Property

If you buy a home with an FHA loan, you will need to acquire an FHA appraisal. The FHA appraisal is different from a standard appraisal in several ways. It comes with stricter requirements, because FHA home loans are backed by the government, and the government wants to make sure that you get a safe place to live, and that it (and taxpayers) back safe, livable homes. Definition of FHA Appraisal ...
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By in Real Estate Property

A probate case requires that the property of the deceased be evaluated, in order to determine the cash value of the property at the date of the death of the deceased. The probate court must know the total cash value of the property, prior to the distribution of the assets. Probate cases depend mainly on professional valuations to determine the cash value for "non-cash" assets, such as real esta...
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By in Estate Planning