What are Real Estate Appraisals?

What is a real estate appraisal? How do real estate appraisals work? What does an appraiser do? What are appraisal contingencies?
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A real estate appraisal is the valuation of a home, based on the current market. Appraisers are used by home sellers, buyers, and banks to property evaluate a home’s worth. An appraisal is an important part of the real estate transaction and it could even cause the buyer to back out of the deal.

Chapters:
00:00 - Intro
00:41 - What is a real estate appraisal?
01:21 - Why does the bank require a home appraisal before purchase?
02:19 - What are comparables?
04:01 - What happens when a home appraisal comes back undervalued?
05:32 - What is an appraisal contingency?
07:03 - Let's review
07:54 - One more thing!

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