If you’re buying a home, chances are you’ll need a loan to make the purchase. Once you have a contract, your loan officer will order an appraisal of the property.
There are three types of loans generally seen in D.C.: Conventional, Federal Housing Administration (FHA), and Veteran’s Administration (VA).
Outside the Beltway we also see United States Department of Agriculture (USDA) loans. The job of a licensed or certified appraiser is to determine a home’s fair market value.
This lets the lender and the buyer know whether the value and the loan amount are in keeping with the what you have agreed to pay for the property.