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Courtesy of John Kavaller, REALTOR®
What is Appraised Value?
It’s an objective opinion of value, but it’s not an exact science so appraisals may differ.
For buying and selling purposes, appraisals are usually based on market value—what the property could probably be sold for. Other types of value include insurance value, replacement value, and assessed value for property tax purposes.
Appraised value is not a constant number. Changes in market conditions can dramatically alter appraised value.
Appraised value doesn’t consider special considerations, like the need to sell rapidly.
Lenders usually use either the appraised value or the sale price, whichever is less, to determine the amount of the mortgage they will offer.
Used with permission from Kim Daugherty, Real Estate Checklists and Systems, www.realestatechecklists.com
www.REALTOR.org/realtormag Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS® . Copyright 2003. All rights reserved.
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More Information on the Sullivan County NY Catskills
Warren Blumenthal: Principal Broker, Catskill Sales Associates, Inc.
Contact us for more information if you want to follow-up on anything you've found. We'll be happy to help.
Contact Information
John Kavaller, Realtor®
Catskill Sales AssociatesPO Box 660 4917 State Route 52
Jeffersonville, New York 12748
Toll free: Not Available / Phone: 845-482-3200 ext 13
Cell: 845-492-0261 / Fax: 845-482-3403
E-mail: Click here / Website: CATSKILLCOUNTRYREALESTATE.COM
Equal Housing Opportunity. This material is based on information which we consider reliable, but because it has been supplied by third parties, we cannot represent that it is accurate or complete and should not be relied on as such. This offering is subject to errors, omissions, change of price or withdrawal without notice.
