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Appraisal: An estimate of the market value of a property based on comparable recent sales of homes nearby. It is done by a licensed appraiser for a lender.

Why are appraisals needed?
Appraisals allow a buyer to know how much a lender will lend toward financing their house.

Are appraisals required?
When using a mortgage loan to purchase a house, an appraisal is required.