Highland Park Home Appraisal
Listings in the Home Appraiser categoryPage 1
190 Aspen Ln
Highland Park, IL 60035-4521
1655 Friar Tuck Ave
Highland Park, IL 60035
2754 Arlington Ave
Highland Park, IL 60035-1312
The Bottom Line About A Home Appraisal
A home appraisal is basically an estimate of a home’s market value in Highland Park, Illinois. The appraisal will be used for securing a bank loan.
A home appraisal is done by a licensed appraiser. Appraisers are licensed by the individual states. They must complete training in order to be licensed.
The report the appraiser draws up will include several things regarding the home and property located in Highland Park, Illinois.
Additionally, the report will sum up the current, local real estate market in Highland Park, Illinois. It will also include information about the expected sales time for the home.
The value of the home can be appraised in two different ways. It can be done as a sales comparison or a cost approach.
The sale comparison is estimating the sales price of the home based upon the sale price of comparable homes in the Highland Park, Illinois area.
The cost approach is where the sale price is estimated based upon the amount it would cost to rebuild the home.
An appraisal is a key part of securing a home loan in Highland Park, Illinois. The bank wants to make sure that the loan amount and the estimated sales price are fairly equal.
Common confusion about a home appraisal stems from the fact many people think it is an inspection.
An inspection is when a licensed inspector comes out and looks over every aspect of the property and provides a detailed report on what is wrong.
With the appraisal, the appraiser will list obvious defects or problems with the property in Highland Park, Illinois, but they do not run tests or do detailed checks.
The price for an appraisal will vary greatly. It will really depend on the location, the current demand and the training and experience of the appraiser.
In some cases the lender will suggest their preference for a certain appraiser in Highland Park, Illinois or may have one that works for them that they require home buyers to use.
Getting an appraisal can be nerve wracking since the whole loan can hinge on what the appraiser says. However, it is a required step in the home buying process.
A person should look at an appraisal as protecting themselves. If the home appraises for far less then what the seller is asking then the purchase needs to be renegotiated.
The bank is simply looking out for their best interests and trying to protect their investment. At the same time they are doing that for the home buyer in Highland Park, Illinois, too.
A home appraisal should bee seen as a check to make sure the price is fair and reasonable.
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