In almost every case, underwriters require a professional, independent appraisal of the property you want to buy or refinance to ensure what the value of the property is.  The lender is interested in making sure the property, that will be collateral for the loan, is worth lending the amount requested.

If you are considering paying cash for a property, it is in your best interest to have an appraisal on the property. 

A professional, independent appraiser, will usually visit the home and inspect its interior and exterior. The appraiser doesn't want to buy your home, and isn't a visiting head of state. So whatever you do, do not postpone the appraisal until you get a chance to "clean up a little." Cleaning does not make your appraised value higher!  And delaying just adds time to an already lengthy process.

The appraiser will form an opinion on the probable market value of the property considering present sales of similar homes in the area among other factors. He or she will prepare an appraisal report explaining the conclusion. The appraisal belongs to the lender considering lending money with the home as collateral. You will receive a copy of the appraisal as soon as the underwriter reviews the appraisal. 

In the unlikely event the lender would have to foreclose, it wants to know it should be able to recoup at least the loan amount.

An appraisal can cost from $350 to $550 or even more for complex properties. You as the borrower, pay the appraiser at the time the appraisal is ordered.  And no, you don't get your money back if the appraisal dollar amount is something different than you expected. 

Contact me for more details either by phone, text or email.  941-504-1445 or Sherry@SherryBitner.com