Metairie Appraisals are as Objective as Possible…but…
By Terez B. Harris, Your Real Estate Advocate
(Keller Williams Realty New Orleans)
Built into the way a Metairie home changes ownership is the institution of the appraisal report—the document which attempts to place a dollar value on the property in question. That word “attempts” is the key when it comes to appraisals. Although it would make life easier if Metairie appraisals consisted of completely objective, scientifically verifiable calculations, in the real world, they can’t be.Metairie appraisals are created by locating comparable properties that have sold recently on the open market, then adjusting that dollar amount to reflect the differences between them. That’s where perfect objectivity becomes…um…subject to interpretation.If only any two homes were exactly the same in every detail, the latest price paid for one would be the best appraised value for the other...
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