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Property Appraisals- What Investors Should Know

Published on Sunday, 17 January 2010
When considering getting a pre-contract home appraisal there are three important things investors like you should know. Taking the time to teach yourself regarding home appraisals will help you to get a better appraisal and gain the most from it. Here are three things you should always remember:
* Find out what the appraisal report will exactly include
Remember that detail is very important. The range of the appraisal should include exact details about the house and the neighbourhood in which it is located. Comparisons should be completed between your home and similar homes that have been sold in the area recently. The appraisal should also include details regarding the present local real estate market as well as problems that were encountered with regard to the home. There should be details on how these may affect both the market value of the home and the period by which it will be sold.
* Always see to it that you get a copy of your appraisal
The pre-appraisal contract should always be available to you. This will be your licence to find out if you are getting the best out of your investment.
* Take time to review the copy of the appraisal as soon as you receive it
Stay away from the temptation to go directly to the bottom line. Figure out how much the appraiser thinks your house is valued. Although this is important information it is also best to find out why the appraiser arrived at this decision. It could well be that some minor flaws could be corrected before placing your home in the market. This will not only increase the value of your home. It will also lessen the length of time by which your home will stay in the market.  
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