Ever have an appraisal done on a piece of real estate? Well that's a real treat....sigh. This is when the bank decides how much your new acquisition is going to be worth. This is not to be confused with the appraisal that the realtors assign it when it goes on the market. The appraisers take the comps in the area, rate those against yours and then the "magic number" is assigned to the property. This is usually the case of comparing apples to apples. But.....if you are the only apple in an orchard full of oranges, what the hell do you do? I believe they take out a dartboard with all of the attributes on it and just random threw until they get the best 2 out of 3 for a price.
The obvious importance of the appraisal is that it determines the at the moment value of the property. This of course will impact the final price for which it is purchased at. So when your (possible) new property comes in for less than you thought, what goes through your head....( re-read blogs 1-5.. if you need to be reminded).
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