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There is also some times that in some neighborhoods of a single subdivision homes most of the mortgage lenders applied computerized home value appraisals just to save costs.

Home Appraisal Irvine

An appraisal is not the same as a competitive market analysis that many real estate brokers perform, sometimes referred to as "comps".

One of the most popular methods of appraising the value of a home is the comparison sales method. The appraisal will look at things like the age of the home, the condition of the property, and the condition and values of other pieces of property in the same area. Simply put, if the lender should ever have to foreclose, they want to ensure they would be able to get their moneys worth. A neighborhood side-by-side comparison is the main indicator of how much your home is valued at.