Understanding Appraisals in the Long Beach Island Real Estate Market
LBI Real Estate Appraisals 
LBI Real Estate Appraisals 
LBI Real Estate Appraisals
Long Beach Island Real Estate
An LBI real estate appraisal is an evaluation of a property by a licensed appraiser to either determine or confirm a value. The most common application is for the verification of a purchase price by a bank. The appraisal is usually done for a buyer who is getting a mortgage in the LBI real estate market. This is done to ensure that the asset which the bank is going to collateralize, mainly the structure, has sufficient value to justify the loan. Additionally, an appraisal may take place for an estate or divorce so that a family member can buy another family member out, or any other personal reason.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
LBI Real Estate Appraisals
When an LBI real estate appraisal takes place, the appraiser will visit a home in person or do a drive-by, depending on the nature of the assessment. The appraiser will usually take measurements of the rooms and structure, draw a floor plan, take photos and note specific characteristics such as a view, the distance to the beach, and the overall condition of the property. In the event a home does not appraise, a buyer or individual has the right to challenge the appraisal by citing other recent sales and comparable transactions.
Understanding an LBI Real Estate Purchase and the Appraisal Process
Buyers and sellers should both be aware of the impact an appraisal can have on the sale of a home. If a home does not appraise, it could jeopardize the whole transaction. Therefore, both parties must be realistic when determining a price for the home. In most cases, property appraisals work out just fine in the LBI real estate market. It is surprisingly uncommon to have a low appraisal valuation. Much of this has to do with the overall strength of the LBI real estate market and the high value of the land. Even older homes with an inhabitable structure can still trade for several hundred thousand dollars or more thanks to the market value and potential of the property as a building site. If you have any questions about buying, selling, or investing in the LBI real estate market, please do not hesitate to contact me.
By : Nathan Colmer |LBI Real Estate Agent | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
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