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 Why might you need an appraisal? How do appraisals work?
In many cases, lenders need a professional, independent appraisal (valuation) of the property you want to buy or refinance to ensure that it is worth at least as much as they are being asked to lend on it. This is especially important with foreign national purchases or remortgages, as the lender is relying heavily on the home's value in place of your having a U.S. credit history.
If you are overseas at the time of our needing to order an appraisal, don't worry, we will take care of everything for you. All we will need from you is a invididual contact at your property's location (often a property manager) who can allow the appraiser access to the home, and a credit charge we can have the appraiser charge his fee to. A professional, independent appraiser will usually visit your home and inspect its interior and exterior. This is one of the few up front fees we will ever ask you to pay, and we prefer that you pay it directly to the appraisal company performing the service via your charge card which they will bill upon initial inspection. An appraisal can cost from $200 to $500 or more for very complex properties, but is typically $300.
The appraiser will form an opinion on the probable market value of the property considering sales of similar homes in the area among other factors. He or she will prepare an appraisal report explaining the conclusion. Under most circumstances we can email you a hard copy of his findings for your records.
JRD Global Mortgage 1514 1/2 E. 8th Ave 2nd Floor Tampa, FL 33605
Phone: (813) 319-3923
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