Union County Real Estate Appraisal
Established in 1842, Union County is one of the fastest growing counties in the state of North Carolina. It Union County Government Centerprovides a unique blend of rural and metropolitan lifestyles. While having vast areas of nature untouched by development, it also has areas flourishing in suburban and industrial growth. The primary factors contributing to Union's economic growth are agriculture, business and industry. Situated in the south central piedmont area of North Carolina the population is estimated at 193,000 with approximately 643 square miles of land.
Appraisals are an Important Part of Your Home Buying Transaction
A real estate appraisal helps to establish a property's market value in Union County – the likely sales price it would bring if offered in an open and competitive real estate market.
Your lender will require an appraisal when you ask to use a home or other real estate as security for a loan, because it wants to make sure that the property will sell for at least the amount of money it is lending.
Don't confuse a comparative market analysis, or CMA, with an appraisal. Real estate agents in Union County use CMAs to help home sellers determine a realistic asking price. Experienced agents often come very close to an appraisal price with their CMAS, but an appraiser's report is much more detailed - and is the only valuation report a bank will consider when deciding whether or not to lend the money in Union County.
About Appraisers and Appraisals
Appraisers are licensed by individual states after completing coursework and internship hours that familiarize them with their real estate markets.
The appraiser should be an objective third party, someone who has no financial or other connection to any person involved in the transaction and is familiar with Union County.
In Union County, the property being appraised is called the subject property.
Residential Appraisal Methods
There are two common appraisal methods used for residential properties:
Sales Comparison Approach
The appraiser estimates a subject property's market value by comparing it to similar properties that have sold in the area. The properties used are called comparables, or comps.
No two properties are exactly alike, so the appraiser must compare the comps to the subject property, making paperwork adjustments to the comps in order to make their features more in-line with the subject property's. The result is a figure that shows what each comp would have sold for if it had the same components as the subject.
The cost approach is most useful for new properties, where the costs to build are known. The appraiser estimates how much it would cost to replace the structure if it were destroyed.