Appraisals
Sometimes, the value of a home depends on who you're asking. Since so many people have a stake in the outcome of a real estate transaction—the buyer, the seller, the lender, and the insurance company—an appraiser serves as an objective, independent third party who provides a comprehensive, unbiased valuation of the property. In fact, federal law requires that the real estate appraisal function remain separate from the loan process. So even though a lender collects the appraisal fee, they are prohibited from influencing the selection of any appraiser.