An appraisal is not (seattle vacation rentals) the same as a compet….
March 10th, 2010
An appraisal is not the same as a competitive market analysis that many real estate brokers perform, sometimes referred to as “comps”.
The reason the lender requires the real estate appraisal is because they want to ensure that the property would sell for at least the amount of money you require for your loan.
There will be an evaluation of the areas overall real estate market.
A real estate appraisal will help in establishing a property’s market value, the sales price it would probably bring the seller, if offered in an open and competitive real estate market.
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