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. An effective appraisal must accurately reflect the market at the moment of sale. To do this, appraisals must be timely and use the most recent data.