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What is Appraised Value?

  • Appraisals provide an objective opinion of value, but it's not an exact science so appraisals may differ.
  • For buying and selling purposes, appraisals are usually based on market value — what the property could probably be sold for. Other types of value include insurance value, replacement value, and assessed value for property tax purposes.
  • Appraised value is not a constant number. Changes in market conditions can dramatically alter appraised value.
  • Appraised value doesn't take into account special considerations, like the need to sell rapidly.
  • Lenders usually use either the appraised value or the sale price, whichever is less, to determine the amount of the mortgage they will offer.

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JANE THOMPSON & PATRICK DELANEY
(612) 812-8443 – Jane | (612) 245-2935 – Patrick
THOMPSONDELANEY@CBREALTY.COM
COLDWELL BANKER REALTY
3033 EXCELSIOR BOULEVARD, #100
MINNEAPOLIS, MN 55416
Realtor & Housing
Licensed In Minnesota
All information deemed reliable but not guaranteed and should be independently verified.
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