An appraisal is a written report comparing the condition and features of a particular property with others of a similar nature. Its purpose is to produce a professional estimate of the market value of the property. Virtually every mortgage lender requires an appraisal performed by a licensed appraiser. The mortgage lender will order the appraisal when you do the final application for mortgage. Please ask the lender to order your appraisal immediately, as delaying your appraisal will often delay your closing. The property must appraise for at least the amount of the purchase price, or the lender will not extend financing. In the event the property does not appraise for the amount of the purchase price, The Mills Team can help you explore your options.