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If you’re refinancing or selling your home, your lender, or the seller’s lender, will want an appraisal to determine the home’s value and ensure that it’s good collateral for the mortgage. That means, in most cases, it must appraise for at least the amount of the loan, said Than Merrill, real estate investor, host of A&E’s “Flip This House,” and CEO and founder ofFortuneBuilders, a real estate investment education company.
The lender will send an appraiser to your property to prepare an appraisal, which will be based on factors including comparable and recent sales in the neighborhood, your home’s condition and features, any improvements or upgrades you’ve made, said Merrill.
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