Monday, May 22, 2017 / by Audrey Murphy
By David S. Bunton
President, The Appraisal Foundation
Home ownership is the ultimate dream for many in the United States, but going through it for the first time can be a daunting process. We find that first-time home buyers often misunderstand one of the key components of the home buying process: the appraisal. It is the single most important tool to ensure buyers pay a fair and equitable price for the property they purchase. That’s why appraisals are so important.
Below are the basic elements of the appraisal process to help you effectively navigate the difficult and exciting journey of buying a home.
What is an appraisal?It might seem simple, but we find that first-time home buyers often misunderstand what an appraisal is and how it impacts the home-buying process. Appraisals are a credible opinion of the value of a home based on thorough and unbiased research and analysis. They are meant to reflect the market value of a propert ...