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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. F.C. Tucker on "Buying Your First Home" |
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