Blog > What Is a Home Appraisal, and Why Is It Required?
An appraisal is an independent evaluation of a home’s market value conducted by a licensed professional. Lenders require it to ensure the property’s value aligns with the loan amount, protecting both the buyer and the bank from overpaying. Appraisers use recent comparable sales, property condition, and local market trends to determine fair value. If the appraisal comes in lower than the agreed price, it can trigger renegotiations. Appraisals are a critical step in confirming a home’s true worth and maintaining a fair deal.
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