Appraiser puts a price to the fair market value (rights of ownership). With the current location, amenities, and condition of the property, the appraisers write a detailed report. The detailed report states the comparison of local homes, imperfection of property, type of home, and danger to property. By the end of appraisal, the appraiser knows more about the property than the home owner.
On the process of applying for mortgage, the lender requires the selling price to meet or exceed the appraise value. The appraise value protects the lender in case of default on mortgage payments. That is why an appraiser is usually a third party with no financial connection to the lender, seller, or buyer View the rest of this article
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