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Buying a home is usually the largest investment anyone will make. Protect yourself by having your investment valued! An appraiser will observe the property, analyze the data and report its results to the client. In the typical home purchase transaction, the lender usually orders the valuation to aid in the lender's decision to raise funds for a mortgage. While the lender technically owns the valuation, as a home buyer you still have certain rights:
- You have the right to obtain your own assessment, even if you are paying cash for a property.
- You have the right to know what type of valuation service is being ordered for your loan.
- You have the right to consider an evaluation in your sales contract as a contingency.
The appraiser is the independent, impartial and objective specialist in the mortgage transaction. A valuer develops a rating that is a credible, reliable, and supported valuation. However, there are a number of other products made by appraisers, real estate agents, or other companies that vary in analysis, level of detail, and reliability. For more information on ratings and other products, please see the NAR Residential Property Valuation Brochure for Home Buyers.