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Real Estate Appraisals

Real Estate Appraisals in New JerseyAppraisal Basics in New Jersey

One of the most critical parts of getting a mortgage in New Jersey is the Appraisal. The purpose of an appraisal is to confirm the home value for the lender. An Appraisal is a professional estimate of the property’s value that you are planning to finance.

An appraisal is a cold estimate of what the property owner is asking for or the price that the seller receives – for a piece of the real estate, whereas both the home buyer and homeowner are considered informed parties. Most parties usually go with a certified, licensed, professional appraiser in order to provide them with the most accurate estimate of the property’s true value.