Business profile for Process Solutions in Durango, Colorado. Infofree.com offers unlimited sales leads, mailing lists, email lists.
An appraisal is an unbiased professional opinion of a home's value. Appraisals are almost always used in purchase and sale transactions and commonly used in refinance transactions. In a purchase and sale transaction, an appraisal is used to determine whether the home's contract price is appropriate given the home's condition, location, and features.
Appraisals are a vital part of the loan approval process, because they determine whether a home is worth the purchase price. If a home is not worth the purchase price, it makes it that much harder for a lender to recoup the loan balance in case of default.