Mortgage lenders, banks, and other financial companies prefer an up-to-date real-estate appraisal before approving any loan to purchase. It is a safety net for the lender to make sure that, if the buyer forecloses, they can sell the property for the right amount to cover the loan. A financial institution will not approve a property loan if the loan amount is higher than the value of the home, land, farm, or commercial building.
If you are in the market to buy, know that you will need an appraisal. Give us a call today and we can answer any questions you may have. Your lender will most likely need to order the appraisal themselves, but you can still refer them to us. We already service most of the lenders in our coverage area, so getting an appraisal for lending and financing should be easy for you.