Your mortgage lender will order an appraisal of the property you are purchasing as part of the loan approval process. The mortgage lender controls the selection of the appriaser. The appraiser is not selected by either the buyer, or the seller, or the real estate agents.
The appraiser’s job is to determine the fair market value of the property you are purchasing, and thus make sure you are not paying more for the property than it is worth.
The appraiser will review local market conditions, and review individual nearby properties that have recently sold; comparing each property feature by feature to the subject property that is being appraised.
The appraisal will review the subject property inside and out, and will make note of any flaw that makes the property less marketable or less desirable, and factor that into his or her opinion of the property’s value.
However, please remember that the appraiser is not a substitute for a complete physical inspection.
Would you like to know more? Call Bob Taylor Properties at 323-257-1080 or email at firstname.lastname@example.org