How Is The Real Estate Appraisal Used?

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How Is The Real Estate Appraisal Used?
When buying, selling or refinancing a home it’s important to understand how the appraisal is used.

The appraisal is not only to assess the value of the property, it’s also to determine your interest rate, required down payment, and whether you will be approved for the loan.

Your lender will order the appraisal and you’ll pay for the appraisal as it’s your appraisal. You’ll receive a copy from your lender.

The real estate appraiser’s job is to look at the property you are purchasing and determine how much it’s worth (or its fair market value).

Real estate appraisers determine a home’s value in a number of ways, including comparing the value of similar homes that recently sold nearby.

A real estate appraiser is specially qualified through education, training and experience to estimate the value of property.

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