An appraisal is a written report
comparing the condition and features of a particular property with others
of a similar nature. Its purpose is to produce a professional estimate
of the market value of the property. Virtually every mortgage lender requires
an appraisal performed by a licensed appraiser. The property must appraise
for at least the amount of the purchase price, or the lender will not
extend financing. When you apply for a mortgage, your loan officer will
immediately want to see a copy of your signed purchase agreement, and
then he/she will order an appraisal.
on "Buying Your First Home"