Real estate appraiser 'central' to mortgage process

What is involved in the valuation of a newly built home?

Editor’s note: This column originally appeared in Inman News in January 2004.

New-home buyers know that an appraiser stands between them and a mortgage, but few appreciate the appraiser’s central role in the mortgage underwriting process or what, exactly, the appraiser does.

He or she assigns a value to your proposed new house, based on what buyers have paid for properties that are similar in age, size and location.