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Home Appraisals For Alabama, Mississippi, Missouri, North Carolina and Tennessee
An appraisal of any Missouri, Alabama, North Carolina, Mississippi and Tennessee real estate is the valuation of the rights of ownership. The appraiser must define the rights to be appraised as part of the appraisal. The appraiser does not create value; he or she only interprets the market to arrive at a value estimate. As the appraiser compiles data pertinent to a report, the appraiser will consider the site and amenities as well as the physical condition of the property. Appraisers complete considerable research and collection of data prior to arriving at a final opinion of value. And the methods used by appraisers are consistent no matter whether the home being financed is using a Mobile Home Loan program for a customer in Meridian, MS or any of the cities where Lifestyle-Mortgage.com originates mortgage loans.
Using three common approaches, which are all derived from the market, the appraiser arrives at the opinion or estimate of value. The first approach to value is the COST APPROACH. This method determines what it would cost to replace the existing improvements as of the date of the appraisal, less any physical deterioration, functional obsolescence and economic obsolescence.
The second method is the COMPARISON APPROACH, which uses other recently sold "benchmark" properties (comps) of similar size, quality and location to determine value. This method is very important as a part of your FHA Loan appraisal process. Although appraisers give weight to all three approaches, they often give special consideration to this method because of its capacity to capture direct insight into the prices buyers are paying for homes in Dothan, AL and in other markets across the states we serve.
The INCOME APPROACH is used in the appraisal of rental properties and has little use in the valuation of single family dwellings. This approach provides an objective estimate of what a prudent investor would pay based on the net income the property produces.
Whether you are a Home
Buyer or looking for a Refinance
Loan, Lifestyle-Mortgage.com offers assistance to our clients in locating
a local home appraiser. As a active mortgage banker, Ryan at
Lifestyle-Mortgage.com maintains relationships with local appraisers in various
North Carolina, Missouri and Tennessee communities, from Kansas City,
MO to the community of Charlotte,
NC. We'd be glad to assist you in any way possible in finding an appraiser
TN or any of the other cities we serve.
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