SEATTLE -
July 8, 2013 -
PRLog -- In the routine of developing a Ballard real estate transaction an appraisal will always be part of the conversation. What exactly is an appraisal and how does it impact the buyer and seller? A Residential Appraisal Report is the end result of a professional land valuation. In the United States appraisals can be for different purposes: foreclosure value, distressed sale value, investment value, and for most frequent use, “fair market value”. In the context of residential real estate for the intent of an owner occupying the property, the last mention is our focus. The appraiser suggests the property value as of a certain date that will coincide with the sale or purchase of the property. Fair market value will be determined with a combination of three perspectives. The cost approach is usually considered the main approach if involving new construction. The sales comparison approach will involve the use of, sales comparables or comps. An appraisal report will usually include three sold comps from transactions within the past 6 months and within a close geographic proximity of the subject property. The income approach is usually considered when associated with a business or commercial purpose. Remember that you the borrower or purchaser of Ballard real estate are responsible for the cost of the appraisal and are therefore entitled to a personal copy. We understand how much is riding on your important investment and work hard to ensure the results you want and deserve. Combining over 22 years of industry experience, a local’s insight and sophisticated marketing technique, The Dave Hanson Home Team provides a level of service that’s always setting a higher standard. If you’re looking to make a move, work with a professional who is Exceeding Expectations in Ballard real estate. Call the Dave Hanson Home Team today for a free consultation, 206-686-7525.
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