Real estate appraisals are an integral part of the purchase and sale of property, particularly if the buyer is seeking funding from a lender. The appraisal value of a home can make or break a sale, so it only makes sense that so much weight is put upon it.
Whether you are buying or selling, you have minimal control over the appraisal – but that doesn’t mean you need to be in the dark about what it involves and how it is determined.
There are numerous myths about real estate appraisals that people usually discover the hard way. As a buyer or seller, it is essential to have at least a general understanding of how appraisals work.
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