understand the difference between:

. appraisal
. inspection
. market value
. assessed value

Buyers and sellers confuse them constantly. almost always

An appraisal is one of the core pieces lenders use to protect themselves.

Because from the lender’s perspective, the property is the collateral.

They want to know:

. What is this actually worth?
. Could we recover our money if something went wrong?
. Is the purchase price realistic?
. Is the condition acceptable?
. Is this property financeable at all?