Common Myths About Appraisals in the Home Buying Process
At The Appraisal Foundation, we often encounter misperceptions about the role of appraisals in the home buying process. From first time homebuyers to seasoned real estate professionals, there is often confusion about the purpose of an appraisal, how it is ordered and carried out, and what type of communication is allowed with appraisers. Dispelling these misunderstandings is critical to educating borrowers, lenders, real estate brokers, and homebuilders on the central role of appraisals in the mortgage process.