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Why is a Home Appraisal Important? There are different reasons for you to consider getting a home appraisal. Regardless of if you are thinking of selling your house, purchasing your first home, refinancing your home, or getting a serious real estate investor you need to know the value of your home or investment. If you are purchasing a home, then you need an appraisal. Purchasing a house is costly, possibly the biggest purchase you will make. It is amazing how many people put lots of effort when researching before buying a computer but not research before buying a house. However, it is essential for one to do their homework to ensure that they get a correct appraisal. People buy a house based on how much they could qualify for and their feelings. Once you locate a house you like you wish to make an offer for, you act hurriedly since you do not wish to lose the house. Before making an offer, you have to get a house appraisal. If you are currently selling a home, you will also need a house appraisal. Why is this so? This is because the cost of a hose is the major factor that clients will consider. If you wish to sell your house, you have to price it correctly. No matter how ugly the house looks, if the price is correct, it will sell. Unfortunately, the majority of the people do pricing without carrying out an appraisal. They then end up pricing their house based on the value of the neighbors. They also base their pricing on recommendations of the real estate agents. Before you list your house, do your research as well as an appraisal.
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It is also important to do an appraisal when refinancing. We are aware that an assessment will be ordered by the lender, but these are inclined to be erroneous. The lender wishes to create the loan and will often make the loan for a certain sum if the house is not worth the loan amount. A look at foreclosures shows that homeowners owe the banks more than the real value of their houses. How can this be the case? The bank wanted to give the loan, so they take their chances. Do not get in this position. Do not borrow more than what your house is worth. Make sure you do not borrow more than your house is worth before you refinance by getting your own appraisal. You can even make use of free home appraisals to get a quick home value.
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The bottom line is to always get an appraisal when buying or selling a house. There are many free online services but be careful. Lots of the sites are actually not free. Do your homework, and the whole process will flow smoothly.