When you buy your first home or get ready to sell your home, there are a few terms you may be intimidated by. However, there's no reason to be. Here are a few common real estate terms you should know before buying or selling a home.
For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.
Appraisal and Assessed Value
Appraisal and assessed value seem to refer to the same things, but in reality, they're very different. The appraisal happens during the escrow process. Before a bank will loan a home buyer money, they must first determine whether the house is worth the amount given in the purchase agreement.
The lender determines this by sending an appraiser to
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