Why do you need an appraisal to buy a home?

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Unless you are a cash buyer, settling on the amount you will pay for a home isn’t always as simple as agreeing to pay the listing price. If you are applying for a home loan, you have to get an appraisal.

So what is an appraisal for? When do you have to get an appraisal? Are the rules regarding appraisals different depending on what type of loan you are getting? How long before your appraisal becomes invalid? Why do appraisals expire?

Beth offered her expertise in HomeLight’s article “How Long Are Home Appraisals Good For?” saying, “An appraisal is required when someone is getting a mortgage or a loan. The bank wants to make sure that the home is worth the money they are lending you.”

For more answers to all the appraisal questions listed above, check out the rest of the article: How Long Are Home Appraisals Good For?