APPRAISAL

     The appraisal is required by the lender to insure the property's market value, and to certify the property meets certain standards.

     The two main areas to watch are the appraiser's value and the lender-required repairs. Although the appraisal belongs to the lender, you typically pay the cost  because it will be required by the lender. Federal law entitles you to a copy of the appraisal

For in depth information about appraisals, click here.