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5185 Dungannon Circle NW
North Canton, OH 44720
phone: 330-494-3444
fax: 330-499-4646
e-mail: hottleco@neo.rr.com
http://www.hottleco.com
©2004 Hottle and Co.
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Buyer/Seller FAQ
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What is an appraisal?
An appraisal is an unbiased estimate of the nature, quality, value or utility of an
interest in, or aspect of, identified real estate. It is an estimate of the property's
appeal to the local housing market based on direct market comparison of other similar homes
that have sold in the recent past. We use a direct comparison, feature by feature, of the
components of your property with others selling in the market. Features such as garages,
bathrooms, basement, age and condition all play a part in your home's value. All personal
property is considered chattel and is not included in the final value estimate. The availability
of sales data varies and we use the most up to date home sale information available in the market
to make the comparison. For URAR reports, we also consider reproduction cost based on local and
national cost data to estimate the cost of your home as if reproduced new. While cost is an important
consideration, actual market sales activity is the most valuable evidence of a home's appeal and
marketability. If your property is income producing or located in an active rental area, we also
consider rental income.
An appraisal is not a home inspection. If you have questions regarding mechanical components,
structural integrity or well/septic systems, we suggest an inspection by a qualified professional.
An appraisal is not a guarantee that your property will resell for the same price or a higher price
at any time in the future. The market is constantly changing and no one can predict the future.
An appraisal is not a guarantee that there are no title flaws. Title insurance companies insure
against these problems.
An appraisal is not a guarantee that your home and its appurtenances do not encroach on your
neighbor's property nor that his/her home does not encroach on yours. A location survey prepared
by a registered surveyor identifies the location of all structures on the site.
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