Found 2 blog entries tagged as appraisal.

Can I Buy a House from a Family Member?

Yes, you can buy a house from a family member. The process for buying a house from a family member is similar to the process for buying a house from a non-family member. You will need to negotiate the price and terms of the sale with the seller, and you may want to have a real estate agent or attorney help with the transaction.

Before buying a house from a family member, you should consider the following:

  • Financing: If you need a mortgage to buy the house, you will need to apply for a loan and meet the lender's requirements. You may also need to pay closing costs and other fees.

  • Appraisal: It is a good idea to get an independent appraisal of the property to ensure that you are paying a fair…

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What Does "Highest and Best" Mean?

home appraisal

"Highest and best" refers to the most valuable use or potential use of a piece of real estate. It is often used in the context of an appraisal or assessment of a property's value. In determining the highest and best use of a property, appraisers consider factors such as the property's location, zoning regulations, and the demand for similar properties in the area.

For example, if a property is located in a commercially zoned area with high foot traffic and there is a demand for retail space in the area, the highest and best use of the property might be to develop it into a retail space. On the other hand, if the property is located in a residential area and there is a shortage of single-family homes in the…

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