City Weekly · Opinion
In home sales, appraisal requirements protect the bank, not ...
Urban Living
What’s It Worth? First-time buyers who aren’t paying cash for a home are often confused why an appraisal is required in order to get a mortgage. Most buyers I’ve worked with in this situation believe that the appraisal is done to protect them but really, it’s done to protect the bank.
I use this example to explain: You arrive in this new city of Salt on a stagecoach from Evanston, Wyoming. You and your bride are excited, as you’ve got a great new job at a copper mine and her folks have given you both a down payment for a starter cottage near the Salt Lake Temple downtown.
A relative told you to…
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