Appraisals in Peoria
When applying for a mortgage in Peoria, IL, you will almost certainly need the services of a professional real estate appraisal company. Whether this is your first time going through the mortgage process or you’ve done it a dozen times before, it’s always important to have an accurate and certified appraisal.
Purpose of Real Estate Appraisers Peoria IL
In Peoria, IL, real estate appraisers are a valuable way to ensure all parties in a transaction are on the same page. If you place an offer on a home for $300,000, the bank wants to make sure the home is worth $300,000 before giving you a loan for that amount. It’s a form of protection for the buyer and the lender.
While transactions are the number one reason for appraiser, some people use them as a way to accurately price their home before placing it on the market. Either way, real estate appraisals are important in Peoria, IL. Campbell appraisal company has services the Peoria IL and entire surrounding area for over 30 years. Wether you are refinancing, looking to find the value of your home and moving to a new home, choosing the right appraiser is critical.
How are Real Estate Appraisals Conducted?
Residential appraisals are usually conducted using one of two primary methods. The first is known as the “sales comparison approach,” which analyses a handful of similar homes recently sold in the area. This analysis considers factors such as location, square footage, lot size, style, and age. The second method is known as the “cost approach.” This method is generally used for newer homes and valuates a home based on reproduction costs. The appraiser gathers information from a number of sources and performs careful calculations to determine a property’s worth.
Campbell Real Estate Appraisals
At Campbell Appraisals, we offer appraisal services in Peoria County, Tazwell County and Woodford County (which includes Peoria, IL, Pekin, IL, Morton, IL, Washington, IL, and East Peoria, IL. For more information on how our services work or how to schedule an appointment, contact us today! Campbell Appraisals is here to help you find the most accurate value of your property.