When you are applying for a Mortgage Loan you will most likely have to get a residential real estate appraisal done by a certified appraiser.  The appraiser will come out to the property to inspect the inside and the outside of the subject property.  The appraiser will take pictures of both the inside and outside of the home.  The appraiser is required to photograph anything that is considered to be a major defect in the property to protect the lender and the borrower.

When the appraiser inspects the property he is making a detailed report of the property so that he can figure out what the fair market value of the property will be.  The property inspection is only the first part of the appraisal.  The appraiser must then go back to his office to research comparable properties to the subject property that have sold in the last 60 days.  The most recent sales are given the most weight because they typically indicate the current market value of the property. Keep Reading...