What exactly is an appraisal? 🤔 An appraisal is an evaluation of a property's value by a licensed appraiser. It's an important step in the home buying process because it determines how much a lender is willing to loan for the purchase. Appraisers consider factors such as the property's location, size, condition, and comparable sales in the area to determine the fair market value. Having an accurate appraisal is crucial for both buyers and sellers to ensure a fair transaction.
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