All mortgage firms rely on professional real estate appraisers to better determine the value of home or property before executing a loan. Appraisals are legal documents that represent both the borrower and the lender.
Realtors can often offer an estimated value of a property, which may or may not be a biased opinion. Regardless, this estimate or proposal is not a legal document created by a professional appraiser. Realtors may often utilize appraisals for assistance or turn to an appraiser for an accurate, true value of a property before it is bought or sold.
Buyers and Sellers
An appraisal assists both the buyer and seller in their effort to negotiate a proper sale. At times, both the buyer and seller may obtain separate appraisals better to determine any differences of opinion between the two parties. This option is legal and valid and can lead to less bias and extra proof for negotiating purposes.