The real estate transaction appraisal process in New York is important, watch this video to learn about buying or selling real estate.

Following your loan application, the lender will evaluate your finances to make sure you can repay the amount you’re borrowing, and make sure the property value meshes with the agreed-upon purchase price.
If the house doesn’t appraise at a value high enough to correspond with the purchase price, the lender may not lend you the money to complete your purchase.
Appraisals are undertaken by third party contractors retained by the bank to provide an honest assessment of the property’s value to support the bank in analyzing the value of the property and the cost of the loan.