THE APPRAISAL
An appraisal is a written report comparing the condition and features of a
particular property with others of a similar nature. Its purpose is to produce
a professional estimate of the market value of the property. Virtually every
mortgage lender requires an appraisal performed by a licensed appraiser. The
property must appraise for at least the amount of the purchase price, or the
lender will not extend financing. When you apply for a mortgage, your loan
officer will immediately want to see a copy of your signed purchase
agreement, and then he/she will order an appraisal.
An appraisal is a written report comparing the condition and features of a
particular property with others of a similar nature. Its purpose is to produce
a professional estimate of the market value of the property. Virtually every
mortgage lender requires an appraisal performed by a licensed appraiser. The
property must appraise for at least the amount of the purchase price, or the
lender will not extend financing. When you apply for a mortgage, your loan
officer will immediately want to see a copy of your signed purchase
agreement, and then he/she will order an appraisal.
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