Prescott Valley
REAL ESTATE
Understanding Home Appraisals: Ensuring Fair Market Value in Real Estate Transactions
This ensures that the buyer pays what the home is worth, and that the lender doesn’t lend more than the home is worth. An appraisal is a critical part of the homebuying process. It is an objective, professional assessment of the value of the property. An appraisal will verify that the sale price of the home matches fair market value. This ensures that the buyer pays what the home is worth, and that the lender doesn’t lend more than the home is worth. When a homeowner is refinancing their mortgage, the lender will get a home appraisal to ensure its market value before offering a new loan.
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