An appraisal is an estimate, performed by a professional property appraiser that attempts to best determine the price or value of a home, commercial property or space of land based on several factors. When an appraiser approaches the home or property in which they are attempting to appraise, they generally use the following 7 criteria:
- Recent sales of comparable properties.
- Location of the real estate.
- Square footage of the building and or land.
- Quality of construction if any.
- Market flux.
- Pertinent historical Information.
- Forecast of Future potential.
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