What typically happens during a property appraisal?

During a property appraisal, the primary focus is on the inspection and valuation of the property based on various criteria. An appraiser, who is a professional trained in evaluating real estate, will assess the property’s condition, features, and comparables in the area to determine its fair market value. This process typically includes looking at the size, layout, and quality of the structure, as well as considering recent sales of similar properties nearby.

The appraisal is critical, especially in the context of securing financing for a home purchase, as it provides lenders with an independent assessment of the property’s worth. This information helps ensure that the amount financed aligns with the property’s value, thereby protecting both the lender and the buyer.

Other activities listed, such as marketing the property for sale or negotiating with buyers, pertain to the sale process itself rather than the appraisal. Similarly, loan application reviews and approvals are distinct steps that occur during the financing process, but do not directly relate to the appraisal’s purpose of determining value.