Whether you are refinancing, selling, or buying a home, a home appraisal is required by the lending institution.
The reason is simple.
The home appraisal determines how much money the bank is willing to lend you. Performed by a third party, a home appraisal gives the lender an estimated market value of the property as well as the condition of the home.
If the appraisal is less than the amount you’re financing, that becomes a red flag, a risk, for the buyer and the lender.
The reason is simple.
The home appraisal determines how much money the bank is willing to lend you. Performed by a third party, a home appraisal gives the lender an estimated market value of the property as well as the condition of the home.
If the appraisal is less than the amount you’re financing, that becomes a red flag, a risk, for the buyer and the lender.
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