What is an appraisal?

When obtaining a loan to purchase a home, lenders typically require a home appraisal as a crucial step in the process. This appraisal serves as an objective assessment conducted by a certified appraiser to determine the current market value of the property. The appraiser evaluates several factors, including the home's location, condition, size, and comparable sales in the neighborhood, to arrive at an unbiased valuation. This ensures that the lender is not providing a loan that exceeds the home's worth, thereby protecting both the lender's investment and the buyer from overpaying. By providing an accurate estimate of the property's value, the appraisal helps facilitate a fair transaction for all parties involved.

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