Real Estate Appraisals
What is an appraisal?
An appraisal is an unbiased estimate of the true value of a property at a point in time. When buying a home, an appraisal can confirm whether the property is worth the amount you are paying.
Why is an appraisal necessary?
Most lenders require an appraisal to determine the current market value of a property before they approve a mortgage.
Does the lender choose the appraiser?
Usually, the lender will choose the appraiser, but you are entitled to see the results. Keep in mind that lenders and broker’s agents are not allowed to “up charge” for third party services.