What is Property assessment with bids? Flashcards
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What is Property assessment with bids?
A property assessment with bids is a process in which a third-party appraiser evaluates the worth of a property and provides a report to the lender. The appraiser will consider the property’s location, condition, features, and recent sales data to come up with a value. Once the appraiser has assessed the property, they will provide a report that includes their findings and estimate of the property’s worth.
The lender will then use this information to determine whether or not to give the borrower a loan. If the borrower is approved for a loan, the loan amount will be based on the property’s appraised value. This assessment is typically used when someone is looking to get a mortgage or refinance their property.
