Private use appraisals are perfect for any request wherein a valuation is required to be applied to a piece of real estate, but the appraisal isn’t to be used by a bank or lender. These are “user-friendly”, easy to understand and great for various applications. These are also commonly used as a pre-sale tool to set a listing value and help sell a home at the best price.
For those times when you just need to “know what it’s worth”, the private appraisal report is perfect. As the name implies, they are intended for private use, yet they contain all the information and detail you would find in a full “mortgage appraisal”. As a matter of fact, the appraisal process used to develop a private appraisal is identical to its mortgage appraisal counter-part, following the same standards and research methods, but the reporting format is much more straight forward and uses less jargon. A private appraisal is a full appraisal and includes all the same steps, research, market analysis and appraiser conclusions for final value. Click here to know more about #real estate appraiser.
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