The appraisal, done by a qualified appraiser, determines the market value of your home. It confirms that the purchase price is not more than the property is worth and that there are no major defects in the physical structure of the home. Appraisals do not guarantee, however, that the property is free from defects. That determination comes from a home inspection. You pay North Shore Mortgage for the appraisal when you apply for your mortgage. You receive a copy of the appraisal before closing.
(Ownership) - ordered in the name of the Mortgage Company, or Lender, Appraisals remain the property of the Mortgage Company or Lender. "Rights" to the Appraisal may or may not be transferred to another Mortgage Company or Lender, at the sole discretion of the Mortgage Company or Lender who ordered the Appraisal from the Appraiser. Applicant(s) may request a copy for their records.
An appraisal is the estimate of value of real property made by a third party not involved in the transaction, usually comparing the sales price to the value of similar properties in the area. Mortgage lenders usually require an appraisal before they will make a loan.