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About Clevland - Moving to Clevland, Ohio? Get info here... About Bay Village - Moving to Bay Village, Ohio? Get info here... About Lakewood - Moving to Lakewood, Ohio? Get info here... About Westlake - Moving to Westlake, Ohio? Get info here... School Reports - Reports for Cleveland, Lakewood, Bay Village and Westlake schools kindergarten, elementary, and high schools. Relocating? - Free real estate information & relocation package if you're relocating to Cleveland, Lakewood, Bay Village and Westlake, in Cuyahoga County OH. Go to Main Sitemap - Main sitemap sections include Find Cleveland, Lakewood, Bay Village and Westlake Homes, For Home Buyers, For Home Sellers, Cleveland, Lakewood, Bay Village and Westlake Information, Real Estate Resources, and About EZ Sales Team.
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About Appraisals >Professional Appraisals
Before your mortgage application is approved, the lender will order a professional appraisal of the home to make sure that the agreed-upon selling price is justifiable based on the current market value of the property. The cost of the appraisal will be based on the complexity of the appraisal report and the time required to complete it.
A professional appraiser will choose the appraisal technique that is applicable to the particular property to arrive at an unbiased opinion of value. One approach is to look at comparable homes in the area that have sold within the last six months. If there are a number of similar properties that have sold recently, the appraiser's job is easy. It is more complicated to arrive at the appraised value if your home is located in a rural area or a diverse neighborhood.
The appraised value will usually be very close to the sale price. If the appraisal comes in lower, the real estate agent may be able to provide the appraisers with additional information on recent sales which will result in increased value.
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| Q |
To what process do the terms closing, escrow, settlement and passing papers refer?
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| A |
These terms, which vary in different parts of the country, describe the conclusion of a real estate sale. |
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