A home appraisal is an unbiased and professional assessment of a property's market value. It plays a crucial role in real estate transactions, particularly when financing is involved. This outline delves into the main purpose of a home appraisal, exploring its significance for both buyers and lenders.
The Purpose of a Home Appraisal
A home appraisal serves a critical role in real estate transactions, particularly when financing is involved. It acts as an unbiased assessment of a property's market value, Appraiser NYC protecting both lenders and buyers. Let's delve deeper into the purpose of a home appraisal from the perspectives of both parties.
Protecting Lenders
Securing Collateral:
● Collateral Defined: ...
A home appraisal is an unbiased and professional assessment of a property's market value. It plays a crucial role in real estate transactions, particularly when financing is involved. This outline delves into the main purpose of a home appraisal, exploring its significance for both buyers and lenders.
The Purpose of a Home Appraisal
A home appraisal serves a critical role in real estate transactions, particularly when financing is involved. It acts as an unbiased assessment of a property's market value, Appraiser NYC protecting both lenders and buyers. Let's delve deeper into the purpose of a home appraisal from the perspectives of both parties.
Protecting Lenders
Securing Collateral:
● Collateral Defined: A mortgage is a secured loan. This means the borrower pledges an asset, Appraiser NYC in this case, Appraiser NYC the house itself, as collateral to secure the loan.
