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What is an Appraisal?
An appraisal is an opinion of value used for real-estate-related financial transactions. Appraisals are required by a state licensed or certified appraiser for most transactions. An appraiser’s report will typically include the type of property inspection, approaches to value required, and any lender-specific requirements.
An appraisal is an important part of the home buying process because it assures the lender the property has adequate collateral to make the loan.
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