Property Appraisal Coordination

The process involves hiring a licensed appraiser to conduct an unbiased evaluation of the market value of the property. The appraiser will inspect the property, consider similar homes that have recently sold in the area and provide an estimated value. This information is then used by lenders to determine how much they are willing to loan for the property.

A mortgage broker ensures an accurate and fair appraisal by hiring a professional, independent, third-party appraiser who has local market knowledge and no vested interest in the outcome of the appraisal. They also review the final report to ensure its comprehensive and reflective of current market conditions.

An appraisal is necessary because it provides lenders with assurance that they are not lending more money than what the property is worth. If for any reason, such as foreclosure, if they need to sell off the property later on, they need confirmation that they can recoup their investment. It also protects buyers from overpaying for properties.