| Many people are under the impression that house | | | | similar properties in similar condition and detail |
| market value and appraised value are one and the | | | | within the general area of the property. |
| same. This is not correct. When delving into the | | | | This is called a comparative market analysis, |
| world of real estate, this is an important fact to | | | | where an assessment of recent sales of the |
| be aware of. | | | | similar properties actually comes into play. This is |
| An appraisal is used to determine the value of a | | | | most commonly done by the real estate agent |
| property. These numbers are put together by an | | | | involved in the possible transaction. |
| appraiser that is certified. As in any case, finding | | | | All loan institutions require a thorough evaluation of |
| an experienced appraiser is essential to a proper | | | | the property before they are able to begin the |
| appraisal. Most often an appraisal is conducted at | | | | procedures involved in processing a loan |
| the request of a buyer who is in the process of | | | | application. It is good to remember that the |
| obtaining a loan and must present this information | | | | appraiser is hired to assure the lender that the |
| to their loan institution. | | | | property is in fact worth what the loan request is |
| House market value is akin to an appraisal. The | | | | showing. As a result the lender will also require |
| difference is when a certified appraiser is not | | | | that the appraiser involved is, at the very least, |
| involved. Most often the determination is made by | | | | certified. |
| a real estate agent or broker. This is when it | | | | Whether you are a buyer or seller, it is always in |
| becomes considered market value. | | | | your best interest to look at both the appraisal |
| Basically, house market value is the amount of | | | | and house market value. |
| money your house is worth in comparison to | | | | |