How often should a property be appraised during the buying process?

In the context of real estate transactions, the appraisal process is typically determined by the requirements of the lender. Lenders generally require an appraisal to ensure that the property's value aligns with the loan amount being requested. This single appraisal is crucial as it protects both the lender's investment and the buyer's interests. If the appraisal comes in lower than expected, it may necessitate adjustments to the sale price or the terms of the financing.

While an appraisal could potentially happen multiple times in different scenarios, such as during refinancing or if a buyer is purchasing a property within a specific real estate program, the standard expectation is that there will be at least one required appraisal during the buying process as stipulated by the lender. This makes the lender's requirement the most relevant and key factor in determining how often a property should be appraised when buying.

In contrast to the other choices, which suggest appraisal frequencies that may not align with typical purchasing processes or lender requirements, focusing on the lender's needs provides the most accurate guideline for when an appraisal is most necessary during a property transaction.