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 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.
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 with 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:
- A comparison of the “subject property” with similar properties in the area – at least three
- An estimate of the duration of time it may take to sell the property
- A description of the area in which the property is located
- An explanation of any negative aspects which may impact the market value of the “subject property”
Understanding what a land appraisal entails is only the beginning. In order to make an educated decision about any land for sale in Ohio, investors and buyers will want to 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 cancelled.
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 Ohio 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.
For any real estate transaction, a professional 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 Columbus real estate
, the leader in the community is The Robert Weiler Company. Since 1938, the qualified commercial appraisers have been providing objective and unbiased advice on commercial property and Ohio land for sale
. Call 1-614-221-4286 to set up your appraisal appointment today.