Home appraisals are typically required by lenders. Banks do not want to issue a home mortgage that exceeds the value of a property; therefore they will insist that a qualified professional determine the value of the home before issuing final approval on the loan.
Not just anybody can conduct a home appraisal. There are laws that require appraisers to be licensed to perform this service. Likewise, banks must adhere to certain regulations when selecting an appraiser so in almost all cases, the lender will specify the home appraisal company that must be used to conduct the appraisal. In fact, the bank should work with a seller’s real estate agent to schedule the home appraisal at a time that is convenient to the seller.
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