A real estate appraisal determines the market value of a home and part of most real estate transactions. If a buyer is obtaining financing an appraisal will be done at their cost. The home must appraise for the contracted price. Occasionally a homeowner will hire an appraiser to see what their home is worth, which in this case they’ll be responsible for payment.
Whether you are looking to buy or sell you should know about a real estate appraisal. Who hires the appraiser, who pays for them, what’s involved in the process and how it can impact a real estate transaction.