What appraisers do
Why your lender needs an independent opinion of the home's value.
An appraiser is an independent professional who evaluates the home's condition and compares it to recent sales of similar properties to determine its market value. Your lender orders this, not you, because they need to know the home is worth at least what they're lending against it. It protects the bank, but it also protects you from significantly overpaying.
This step is general educational guidance, not legal, financial, or real estate advice — your contract terms, deadlines, and local requirements always take precedence, so confirm specifics with your licensed professionals. Read our full disclaimer.