What is an appraisal and why do I need one?

What is an appraisal and why do I have to have it? An appraisal is technically for the benefit of the mortgage lender because they want to make sure that they are lending on an asset that is worth what you're paying for it. What that is, is it's different from a home inspection and a home inspector going out to the property. It is a person that is hired through a third party through the lender. Typically, nobody knows who they are. So there's no conflicts of interest. They go out to the property, they're going to take some photos for the lender, and they're going to take some measurements for the lender, and they're going to pull comps. They're going to come to a valuation in their opinion. I could say that I could line 10 different appraisers up and get 10 different answers on the same exact app. That's just kind of how it works. Certain government loans require the lender to do a couple other things to make sure the home is what we call safe, sound and secure, and that there's no blatant issues. Those are typically with government loans that the appraiser is required to do.