Appraisal

An appraisal is a professional and unbiased estimate of the fair market value of a property, typically performed by a licensed and qualified appraiser.

It’s a critical step in the home buying or refinancing process.

Lenders require an appraisal to ensure that the property is worth at least as much as the mortgage they are providing.

Appraisals involve a physical inspection of the property, a review of comparable sales in the area, and an analysis of the property’s features, condition, and location.

If the appraisal comes in lower than the purchase price, it can impact your ability to get financing or may require you to renegotiate the price with the seller.

Appraisals are also used for estate planning, tax purposes, and other situations where an accurate valuation of a property is needed.