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You may wish to have an independent appraisal done on a property before making an offer. It can save you from paying more than the market value.
You can still make a conditional offer subject to an independent appraisal. If the appraised value is lower than the list price, you may be able to negotiate a new price. If your lender requires a recognized appraisal to complete a mortgage loan, having one completed up front may save you time and money.
The appraisal should include an unbiased assessment of the property's physical and functional characteristics, an analysis of recent comparable sales and an assessment of current market conditions affecting the property. The information provides you with an expert second opinion as to the property's market value.
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