Homes are expensive things. That’s why whether you’re buying a house or selling one, it’s important to be well-educated on the home appraisal process. If you’re unfamiliar or just need a refresher, we’re here to help.
What is a home appraisal?
In short, a home appraisal is a very good estimate of how much a property is worth. Home appraisers use factors such as amenities, area, recent sales, and property condition to provide an estimate.
Why do you need a home appraisal?
Because pretty much 0% of credible financial institutions out there will let you borrow money for a property without an appraisal. Banks are all about protecting themselves, and without an appraisal, they can’t determine what a loan collateral will sell for if things go sour. This helps them avoid lending a borrower half a million dollars only to end up stuck with a home that will only sell for $200,000 or less.
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