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By: G. M. Filisko Understanding how appraisals work will help you achieve a quick and profitable refinance or sale. If you think the appraisal value of your home is too low, you can seek a second opinion. When you refinance or sell your home, the lender will insist that you get an appraisal-an opinion of the value of your home based on what similar homes in your area have sold for in recent months. Here are five tips about the appraised value of your home. 1. An appraisal isn't an exact science. When appraisers evaluate a home's value, they're giving their best opinion based on how the home's features stack up against those of similar homes recently sold nearby. One appraiser may factor in a recent sale, but another may consider that sale too long ago, or the home too different, or too far away to be a fair comparison. The result can be differences in the values two separate appraisers set for your home. 2. Appraisals have different purposes. If the appraisal is being used by a len...
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