ANSWERS: 1
-
Most lenders rely on a home appraisal to determine the fair market value of a house. A home appraisal compares the residence to like homes sold in the area in the past year to determine its fair market value. Adjustments to the value can be made due to variances in age, condition, and lot size.
Source:
Financial-Dictionary.TheFreeDictionary.com: Real Estate Appraisal
Copyright 2023, Wired Ivy, LLC