Real estate appraisals in Orange County, CA or any other part of the country is a very important part of sale and purchase of property, especially when the person buying the property is in need of funding from a lender. The appraisal value of a property is important both for the seller as well as the buyer. The amount of money the lender is going to fund will depend on the market value or the appraisal value of the property. The appraisal value also gives the seller a fair idea of what’s the real worth of their property basis which they can come to an asking price. In some cases, the appraisal value can make or break a sale. So, hiring the services of a property appraiser in Los Angeles, CA or any other location becomes all the more important.

Whether you are the buyer or seller, you will have very limited control over the appraisal process. Having said that, it is your right to not be kept in the dark about what the process involves and how the appraisal value is determined. A general understanding of the process and what it leads to is essential.

There are certain myths and misconceptions about real estate appraisal that miles away from the truth. One of the myths is that home inspection and appraisal are the same thing. Not at all. Though most of the real estate transactions have inspections and appraisals, their process and purpose are completely different. A home inspection is conducted to identify the issues a property has. While flaws are also looked into during appraisal, inspection carries out a more detailed look into them. On the other hand, appraisals are done to determine the market value of a home at a particular time by taking into account various factors - current market conditions, the value of similar properties in the area, problems with the property, etc.

How is real estate appraisal done? When you hire an appraiser for the job, they will visit your property and thoroughly inspect it for features, square footage, repairs, and other things that can have an impact on its general market value. The appraiser will then compare the condition of your property with others in the area. With all these details, they will now have a look at the recent sales of properties that are similar to yours. Keeping into account all these things, they will come up with the final market value of your property.

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How do real estate appraisals work?