What is an Appraisal?
A real estate appraisal is needed to determine the estimated market value of a house, condominium, commercial property, vacant land, and other types of property. It is used to assist someone in making a decision. They may be considering purchasing, selling, insuring, or lending money on a commercial or residential property. Appraisals are also used for tax purposes to estimate how much money a property owner must pay in taxes.
Banks and mortgage lenders need appraisals to assist them in figuring out how much money to lend someone for a mortgage loan application. There are many different aspects of a loan application that the banker has to consider, but mortgage lenders always require an appraisal since the real estate will be the collateral for the mortgage loan.
Without an appraisal, people often pay above market value for a home. This can cost them tens of thousands of dollars in an overpriced purchase. Since a house is such a major financial decision, it’s prudent for them not to take any chances. People should try to eliminate as much risk as possible. Let DeKalb County Property Appraiser help you make the smartest financial decisions for your future.