How do house appraisals work? are some buildings or structures better or worse for the appraisals?
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The appraiser looks at other recently sold homes in the area, and adjusts valuation up and down based on qualitative and quantitative differences. They might start with 5 other 4BR 2.5BA homes that are around 3000 sq. ft. in the neighborhood. Adjust value down because home is only 2850 sq. ft instead of 3000, up because of finished basement others don’t have, adjust down because it’s on a busy street, adjust up because kitchen is recently remodeled, adjust down because 1-car garage instead of 2-car, etc. They also look at the agreed upon purchase price and try to justify that number with that the analysis.
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