Purpose of an Appraisal. What is An Appraisal? When and Why it is needed?
There are a lot of reasons for an appraisal. The purpose of an Appraisal is to make sure the property value is at least the purchase value when it comes to lending money on the property. A bank will only give a mortgage on a property that appraises to the purchase value, if the value come in low than, the banks or the lender will reduce the amount of money loaned.
The purpose of an appraisal is also to determine the current value of a home or property. Examples of getting an appraisal may be to get a third party and certified value of a home when settling inheritance properties, probates, divorces or even refinancing. The purpose of an appraisal is mostly needed when obtaining a loan from the bank.
Please watch the full video, it also gives you examples of when an appraisal is done and under what circumstances. Like and leave comments, post any questions below.
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