03 Nov Why is Property Appraisal needed prior to selling a property?
An appraisal is an unbiased professional opinion of the value of a certain real estate property used for financing, possible acquisition, or disposal.
When it comes to real estate, the value of the property is primarily the most important deciding factor for prudent buyers/investors. With a credible appraisal report signed by a licensed appraiser, the seller can have a better judgment on how to be able to dispose of his/her property. Also, applying the appropriate valuation approaches (market, cost & income approach) the property owner can be guided accordingly with authority to offer his property, in accordance with the purpose of the investor.
In summary, having a credible & realistic appraisal report gives the seller a fair advantage/knowledge in justifying the value of his/her selling price.
Sources: https://www.investopedia.com/articles/pf/12/home-appraisals.asp
Photo from Pexels
No Comments