The purpose of an appraisal is to assess the value or worth of something, typically an asset or property. This evaluation is usually conducted by a qualified professional who examines various factors such as condition, market trends, comparable sales, and other relevant criteria to determine an accurate valuation. The buyer is typically responsible for paying for the appraisal as part of their due diligence expenses. This appraisal is often required by the lender to assess the value of the property being purchased.  Lenders require an appraisal for several reasons: Overall, requiring an appraisal helps lenders make informed decisions, mitigate risk,