Why is it Important to get an Appraisal?

So, if you’re a buyer the reason you would need an appraisal is the majority of buyers are financing the property, so a bank or mortgage company is providing you the bulk of money to purchase the property.

In this case, the bank is going to order an appraisal and they’re doing that to protect their investment. That said, it’s also a protection for you because it’s just another way to ensure that you’re not overpaying for the property that you’re purchasing.

Now, if you’re paying cash, you don’t have to get an appraisal, you certainly can and you have that option but it’s not a requirement.

So, the short answer to why is it important to get an appraisal is if you’re getting financing it’s going to be a requirement of the bank, protects their interest, and it protects you from overpaying.

 - Broker/Owner Jessica Herrmann