Buying or Selling Ohio Land for Sale? Think Appraisal.

When there is Ohio land for sale – whether it is commercial property or a home – an appraisal is a key component of the process. Any loan for a property is based on the appraisal value. As a buyer, owner, or seller, understanding the true value of the real estate in question is important. This will help you make the most of your real estate decision. But first, you need to understand how the process of a land appraisal works.

What to Expect from a Land Appraisal

An appraisal is used to determine whether or not the price of the land is accurate compared to the actual value of the Ohio land for sale. An appraiser can assist you in determining this and creating an appraisal report, which will include many details.

Keep in mind that an appraiser’s report is more detailed than a comparative market analysis.

Typically, an appraisal report from an Ohio property appraiser will include:

Understanding Land Appraisal Values

Understanding what a land appraisal entails is only the beginning. To make an educated decision about any land for sale in Ohio, investors and buyers should consider how appraisal values are determined and what they ultimately mean for the selling process.

  1. When the appraisal value is lower than expected, a transaction may be delayed or even canceled.
  2. When refinancing a mortgage (for example, on a home) a low appraisal can prevent this.
  3. For a seller, a low appraisal means you may need to lower the price of your property in order to sell the land.
  4. For a buyer of land for sale, keep in mind that the bank will never lend more money for property than it is actually worth – this makes the appraisal an important first step if you have specific land in mind.

Get an Appraisal on Your Ohio Land for Sale

For any real estate transaction, a certified appraiser is an objective third-party with no financial stake in the transaction. These individuals are licensed by the state and knowledgeable about the specifics of that real estate market.

When it comes to commercial real estate and land appraisals, the leader in the community is The Robert Weiler Company. Since 1938, our qualified commercial appraisers have been providing objective and unbiased advice on commercial property and Ohio land for sale. Call 614-221-4286 to set up your appraisal appointment today.