You're happy that you finally found a new place to call home. But there are still plenty of things to do before closing on the home of your dreams. When financing real estate, the bank needs to know if the property you have selected is worth the contract price BEFORE giving you the funds to purchase it. The seller may believe the home is worth one price, but the numbers the Appraiser has may show something else.
Click the picture to get a better understanding on how the appraisal process works...