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Understanding Your Purchase Appraisal

Understanding Your Purchase AppraisalOnce you have a property under contract and you’ve performed an inspection, it’s time for your loan officer to secure a purchase appraisal.

Be aware that an appraisal will almost always render a lower value than you determined in your comparative market analysis, for a number of reasons.  Appraisals do not give an accurate market value – they simply give you a reflection of what you’re trying to accomplish with the bank.  There are actually different types of appraisals, and each one serves a different purpose.

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