An appraisal is an educated opinion of a professional appraiser as to the financial worth of the house in the current market. Lenders order appraisals to determine if the property is worth the amount of the mortgage loan. An appraisal is done so that the lender is assured that in a foreclosure the lender will probably be able to get its money out of a foreclosure.
- Where Did the Term “Real Estate” Come From, What Does it Mean, and Why Is Land Called “Real…
- What is a seller’s real estate agent and what is a buyer’s real estate agent?
- Where does the expression “fourth estate” come from and What does fourth estate mean?
- What do I do if my lender ordered an appraisal and it came back much less than what the house is selling for?
- Should I obtain an appraisal for all properties before I buy?