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There are many people trying to buy homes now. There are also many people trying to sell homes. So how do you know what your house is worth? How do you know what the house you are buying is worth? How does the bank know what the house is worth, so they can give you the appropriate loan? Everyone uses a real estate appraiser.
A real estate appraiser is someone with special training in what it takes to know what a house, condo, or other type of home, is worth. They evaluate the condition, location, structure, of your home and compare it to other, similar homes. Then they come up with a price.
Real estate appraisers are used by people selling homes to determine the fair market value at which to price their home. Real estate appraisers should also be used by buyers to make sure they are not overpaying for a home. Banks will use real estate appraisers to make sure they are lending the proper amount of money to a person, whether it is for refinance or for initial financing. The bank will not lend you more money than the house is worth (generally).
Real estate appraisers can bring a little surety to a situation – the price of a house – that is filled with uncertainty. Everyone buying or selling a house should use a real estate appraiser.