How to find appraised value when we purchased home?

How to Find Appraised Value When We Purchased Home?

When purchasing a home, knowing the appraised value is crucial for making informed decisions. The appraised value is the estimated value of a property determined by a professional appraiser. To find the appraised value when you purchased a home, you can follow these steps:

1. **Get a copy of the home appraisal report:** The most reliable way to find the appraised value of your home is to obtain a copy of the home appraisal report. This report is typically provided by the lender as part of the loan application process.

2. **Check recent sales in the area:** You can also research recent sales of similar properties in your neighborhood to get an idea of the appraised value. This can give you a rough estimate of what your home may be worth.

3. **Consult with a real estate agent:** A real estate agent can provide you with a comparative market analysis (CMA) to estimate the appraised value of your home based on recent sales and market trends.

4. **Use online valuation tools:** There are various online tools and websites that can provide you with an estimate of your home’s appraised value. Keep in mind that these estimates may not be as accurate as a professional appraisal.

5. **Consider hiring a professional appraiser:** If you want a more accurate appraisal of your home’s value, you can hire a professional appraiser to conduct a thorough assessment of the property.

6. **Keep in mind the appraisal purpose:** The appraised value of a home can vary depending on the purpose of the appraisal. For example, the appraised value for a mortgage loan may be different from the value for tax assessment purposes.

7. **Understand the factors that influence appraised value:** Factors such as location, size, condition, and amenities of the property can all impact the appraised value of a home.

8. **Be aware of market fluctuations:** The real estate market is constantly changing, so the appraised value of your home may fluctuate over time. It’s important to stay informed about market trends in your area.

9. **Consider making improvements:** Making improvements to your home can increase its appraised value. Updating the kitchen, bathrooms, or landscaping can all have a positive impact on the appraised value.

10. **Be prepared for negotiation:** If you believe that the appraised value of your home is inaccurate, you can challenge the appraisal and request a review. Be prepared to provide evidence to support your claim.

11. **Know the difference between appraised value and market value:** The appraised value is based on a professional assessment of the property, while the market value is the price that a willing buyer and seller agree upon. The two values may not always align.

12. **Keep records of your home’s appraisal:** It’s a good idea to keep a record of your home’s appraisal value for future reference. This information can be useful when refinancing, selling, or making improvements to your property.

In conclusion, finding the appraised value when you purchased a home is an important step in the home-buying process. By following these tips and consulting with real estate professionals, you can ensure that you have a clear understanding of the value of your property.

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