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The importance of home appraisals

FALLBROOK – A home appraisal is an unbiased professional opinion of a home’s value and it is almost always used when purchasing a home. In a purchase, an appraisal is used to ascertain whether the home’s contract price is appropriate given the home’s current condition, location, and features.

Banks require home appraisals before approving a home loan in order to confirm that a home’s sale price is supported by its market value as most – if not all – banks do not issue a loan for more than the appraised value. Since the home serves as the collateral for the mortgage, banks want to make sure tha...

 

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