The Appraisal Process Elizabeth NJ

Lenders use your appraisal to determine your loan amount.

Local Companies

Global Real Estate Inc
(973) 705-8010
1002 Bergen St
Newark, NJ
Ryan Real Estate Inc
(973) 705-8888
1072 Bergen St
Newark, NJ
PRPG
908-436-9849
774 GREEN LANE
UNION, NJ
Cooper Real Estate Manage
(973) 624-3300
55 Halsey St
Newark, NJ
New Horizons Real Estate Management
(973) 741-1029
1 Riverfront Plz
Newark, NJ
Paris Real Estate Inc
(973) 690-5663
217 Chestnut St
Newark, NJ
SIMA PROPERTIES
(888)876-SIMA
120 STUYVESANT PL
STATEN ISLAND, NY
Almeida Real Estate Associates Inc
(973) 482-8686
475 Bloomfield Ave
Newark, NJ
Broker Real Estate Corp
(973) 481-4410
219 N 12th St
Newark, NJ
Neuhaus Realty
718-924-4856
3171 Richmond Rd.
Staten Island, NY

provided by: 

An appraisal is a written estimate of a property’s market value completed by an appraiser. The value is based upon a market analysis of the prices of recent sales of similar properties in the area and the property’s physical condition. Usually, this requires an interior and exterior property inspection.

 

Why is an Appraisal Necessary?

Lenders use your appraisal to determine your loan amount. Your appraisal will be completed shortly after you request your mortgage.

 

Appraisals and Sales Prices

  • If the appraised value is higher than the sales price, there is no impact to you.
  • When the property appraises for a lower value than the sales price, the lower appraised value is used to determine your loan amount. To complete the sale, you may have to increase the down payment to make up the difference between the appraised value and the purchase price.

Published on January 11, 2007

Read full article at realestate.com

Featured Local Company

Global Real Estate Inc

(973) 705-8010
1002 Bergen St
Newark, NJ

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