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What is an Appraisal?

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Services for Real Estate Pros with YourSiteNeedsMe.com

When you’re buying a new home, whether it’s a beachfront condo in Port Aransas, a newly built home near the beach, or a $300,000 home on North Padre Island, you’ll have to get it appraised. But what is an appraisal, and who does it? Why does the appraisal matter so much?

 

What is an Appraisal?

 

An appraisal is a valuation of a home (or any property) that an expert estimates. A home appraiser will visit the home, compare its features to other homes nearby, and let you know how much it’s worth if nothing major changes.

 

Why Does an Appraisal Matter?

 

Lenders require an appraisal because they want to make sure they’re not giving you too much money to buy a house. They want to protect their investment, so they’re only willing to give a borrower how much the home is worth.

 

Sometimes appraisals come in low—and when that happens, it means the home is worth less than its asking price. Sometimes they come in high, too, which can be great; that means the home is worth more than what the owners are asking.

 

Looking for a new home?

 

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