86.Important Things To Know About Real Estate Appraisals and Comparable in Kentucky.

1. Purpose: A real estate appraisal is a professional assessment of the market value of a property.
2. Comparables: The process of determining the value of a property by comparing it to similar properties that have recently sold in the same area is called “comparable sales”.
3. Factors considered: The appraiser will consider factors such as the property’s size, location, age, condition, and features, as well as the local real estate market conditions and trends.
4. Importance of accurate data: Accurate data and correct analysis of comparable properties is critical in determining a property’s value, and mistakes can lead to inaccurate appraisals.
5. Uses: Appraisals are commonly used in real estate transactions, such as when a lender requires an appraisal to approve a mortgage loan or when a property is being bought or sold.
6. Limitations: Appraisals are based on the appraiser’s opinion and may not reflect the actual market value of a property. It’s important to keep in mind that an appraisal is not a guarantee of value.

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