Your lender will require that an appraisal be completed in order to determine the fair market value of the property.

A licensed appraiser will research nearby houses that have recently sold and are similar to yours in size, age, construction and amenities.

The appraiser will measure the home, draw out a representative floor plan, take photographs inside and out, and review the properties condition, specific improvements and amenities. In a few days, a valuation report is then sent to the lender with the results.