Appraisals in Washington
For first-time home buyers, the real estate appraisal process is often a surprise. If you are purchasing a home in Washington, IL and the lender asked you to obtain a licensed, third-party appraisal, don’t worry. This is completely normal and a part of the standard process.
The Value in Real Estate Appraisals
The lender wants to make sure the purchase price of the home is accurate and reasonable before offering you a loan for the transaction. However, the appraisal is as much for you as it is for the lender. If you are offering to pay $300,000 for a home that is only worth $225,000, wouldn’t you want to know about it? With an accurate appraisal from Campbell Appraisals, you can rest easy knowing you are getting a fair price.
What’s Included in a Washington, IL Real Estate Appraisal
How do you know what to look for when you review the appraisal? There are a number of standard items included on the report. These will include details about the property, information regarding how the final valuation was reached, statements about serious issues, notations about improvements or deteriorations, and information on the local real estate market.
Real estate appraisals are usually conducted using one of two methods. The first is known as the sales comparison approach and uses comparable homes that have recently sold in the area to determine the valuation. The second is known as the cost approach and estimates what it would cost to rebuild the structure if it were destroyed. The latter is more commonly used for newly built homes in Washington, IL.
In addition to offering services in Washington, IL, Campbell Appraisals also serves the following areas: Peoria County, Tazwell County and Woodford County (including Peoria, IL, Pekin, IL, Morton, IL, and East Peoria, IL). For more information on how we can assist you, contact us today.