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Question: What standards do appraisers use to estimate value?



Answer:

Appraisers use several factors when estimating a home's value, including the home's size and square footage, the condition of the home and neighborhood, comparable local sales, any pertinent historical information, sales performance and indices that forecast future value. For detailed information on appraisal standards, visit the Appraisal Institute website, appraisalinstitute.org , or contact the organization at 550 W. Van Buren St., Suite 1000, Chicago, IL 60607; (312) 335-4100.

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