An appraisal is a report that provides an opinion of value of the subject property and supports that opinion with the utilization of 3 approaches: a comparable sales approach, a cost approach, and an income approach. The appraisal is completed on a standardized Uniform Residential Appraisal Report form called a 1004 form.
Appraisals are used by lending institutions to make a decision of whether to lend on that particular property. The appraisal report will outline any apparent problems or hazards with a home.
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