Is an appraisal needed?
Appraisals are usually required for most loans. It protects everyone involved in the transaction, including both the borrower and lender. It’s one of the last steps in the application and underwriting process. In some cases we may not ask for them if we feel comfortable with the assessment and condition of the property. We usually only ask for an appraisal after the borrower is already approved for their loan, and the deal terms have been accepted. We use the appraisal to make sure the property is in the condition it was represented as.