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What is an appraisal?

April 26, 2017appraisal appraisals

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What is an appraisal?

53 Answers

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An estimate of the value of the property you intend to buy or refinance.

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An estimate of the value of the property you intend to buy or refinance. This is required by the lender to be assured the value of the home is adequate to cover the loan request.

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Lenders require an appraisal to establish the home’s value and to make sure that the home is worth what you paid for it. The appraisal will also disclose to the lender any work that may need to be repaired prior to closing such as a bad roof, broken windows, wet basement, etc.

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An appraisal is a written analysis of the estimated value of your property. A qualified appraiser who has knowledge, experience and insight into the marketplace prepares the document. This ensures you’re paying fair market value for your home. An appraisal is required in order to close on your new home or property. At PAR East Mortgage, we will coordinate the appraisal of your property.

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-An appraisal is a report made by a certified appraiser who provides a professional opinion or estimate of property value. When you apply for a mortgage loan with Quadrant Homes Loans, they will initiate the process to get an appraisal ordered.

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