Question 11 of the 30 Days of Q&As in 30 Seconds!

What is an appraisal and why is it needed? 🤔
- The appraisal is a third party’s opinion of value 💰
- The bank wants to make sure they are lending on an asset that is actually worth what you are buying it for 🏡✅
- In the event the buyer defaults on the loan and the bank has to take the property back, the bank wants to make sure the home value is going to be close or greater to the value you purchased it for to protect themselves
- Appraisals are different than a physical inspection.

If you have any other questions or would like to go deeper on this topic, DM me or shoot me a text 562-999-1885 📲

#realestate #askanagent #30daysofQ&Asin30seconds

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