Why Are Appraisals like insurance?

Why is an appraisal like insurance for the buyer?


Why is an Appraisal an Insurance For Homebuyers?

An appraisal is a formal valuation by a licensed appraiser. It is a subjective opinion of a real property's value.

Appraisers are highly skilled professionals , with lots of experience. Besides single-family homes, some appraisers specialize in other areas as well. .
such as acreage, estate homes, commercial/industrial property, apartment rentals. .etc

For FHA loans. .
The appraiser must be experienced in the FHA loan procedures and requirements. Appraisals after all. .
They are required as part of the underwriting process for mortgage lenders when they are financing a home which a buyer may be purchasing.

I invite you to watch this video and see why an appraisal is like insurance for buyers

 

 

If you’re thinking about homeownership, ask yourself some basic questions and get informed as much as possible about the home-buying process. It will be easier for your real estate agent to help you find the dream home you are looking for. . 

 

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Why Are Appraisals like insurance?