Property Appraisal for Buying or Selling

During the buying process, mortgage lenders generally require an appraisal of the home to determine a value for the property. The lender wants to be sure that the subject property is worth the purchase price, and can be sold to cover the losses in the event that the buyer defaults on the mortgage. Generally, the buyer of the home will end up paying for the cost of the appraisal as part of closing procedures. However, an appraisal is not required if the home is purchased with cash.

A homeowner looking to sell may want to have a pre-listing appraisal conducted in order to form a better understanding of the fair market value of their property. This can help determine a reasonable asking price, improving the likelihood of a quick sale.  
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