The Appraisal Process
A home purchase is the largest single investment most people will ever make. Whether it’s a primary residence, a vacation home or an investment, the purchase of real property is a complex financial transaction that requires input from several parties.
The Realtor is the most common face of the transaction. The mortgage company provides the financial capital necessary to fund the transaction. The title company ensures that all aspects of the transaction are completed and that a clear title passes from the seller to the buyer. But who makes sure the value of the property is consistent with the amount being paid? There are too many people exposed in the real estate process to let such a transaction proceed without ensuring that the value of the property is consistent with the amount being paid.
This is where the appraisal comes in.