When buying or selling a house, there is likely to be a real estate appraisal when getting a home loan through a mortgage lender. Lenders will want to know the property’s fair market value they are granting a mortgage.
The lender will hire a real estate appraiser who is considered an unbiased third party. The appraiser will look over public records of other similar properties sold to determine the current appraised value.
Appraisers will also analyze the current housing market conditions to determine whether home values are moving up or down.
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