In this episode, the topic is Understanding Residential Real Estate Appraisals. You may have recently entered into an agreement to purchase a residential property or you may have completed a loan application to refinance your home.   Lenders are required to obtain an appraisal, prepared by an impartial and unbiased appraiser, and use it as the primary tool for assessing the sufficiency of your collateral. You may want to retain an appraiser to provide an appraisal to help you make decisions such as buying, selling or refinancing your home. This podcast will help you understand the residential appraisal. 1:14 Intro 2:17 Basics of an Appraisal 4:37 Why is an Appraisal Necessary? 5:31 Developing the Value Opinion 6:01 The Appraisal Process 7:10 Sales Comparison Approach 7:57 Comparable Sale/ Listing 11:00 The Cost Approach 13:39 Adjustments 15:25 Income Approach 17:06 Opinion of Value 17:59 Appraisal Reports 20:28 Appraiser Independence 23:24 What if a Correction is Necessary? 24:46 Options in a Flawed Appraisal 25:43 Fraudulent Appraisal Practice 27:03 Out-of-Town Appraisers 29:37 Information to Provide to an Appraiser 32:24 When an Appraiser Inspects Your Home 34:21 Appraiser Codes 35:15 Wrap Up Youtube Listen on iTunes Listen on Spotify Listen on Google Play Five Star Real Estate Team Pro Tips