How Do Appraisers Use Active Listings and Pending Sales In An Appraisal?

Can Active Listings and Pending Sales Be Used As Comps? Most people are familiar with what a “comp” is in real estate and more specifically in an appraisal. A short definition for a comp would be a property that is an acceptable substitute for the property being appraised. An acceptable substitute would mean that the […]

What is Market Value?

Market Value Dissected There are different definitions of market value but today I’m going to discuss the one that appraisers use in their appraisal reports. Here is the definition of market value that is included in every appraisal report: The most probable price which a property should bring in a competitive and open market under […]

Insurance Appraisal vs Bank Appraisal: What’s The Difference?

Is There A Difference Between an Insurance Appraisal and a Mortgage Appraisal? A question I’ve been asked in the past has to do with the difference between an insurance appraisal and a bank appraisal. While both are appraisals there are big differences between the two so I thought I would share with you what they […]

What is a Pass-through Bedroom?

Things to consider with a pass-through bedroom You may not have heard it called a “pass-through bedroom” but I’ll bet you know what it is. If you’ve ever been in a house where you need to pass through one bedroom to get to another one then you probably know what I’m talking about. These are […]

When Is The Best Time To Order A Pre-Listing Appraisal?

When Should I Order a Pre-listing Appraisal? When should you order a pre-listing appraisal? This was a question I was asked this week by a homeowner who was doing some work on their home that was going to take about a month to complete. They wanted to know if they should go ahead and get […]

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