If you're looking at buying a home, chances are you've been told that you will need to get an appraisal.
You may then find out that you are responsible for paying for the appraisal and that it can cost several hundred dollars.
Maybe you don't need to have an appraisal done. Is it actually required in order to purchase a home?
Usually, it is and is ordered by the lender. You will end up paying for the appraisal as a part of your closing costs.
So what are appraisals and why are they so important?