Which document is typically necessary for a home appraisal?

The real estate purchase contract is typically necessary for a home appraisal because it serves as a fundamental document that outlines the terms of the sale between the buyer and seller. This contract provides essential information about the property, including the agreed sale price, any contingencies, and particular conditions that might affect the valuation of the property. It gives the appraiser context regarding the market value that needs to be assessed, as the appraiser may consider the agreed-upon price in comparison to the appraised value and evaluate whether the price aligns with current market conditions.

In contrast, while a pre-approval letter, title insurance policy, and property insurance information may be relevant to the overall transaction process, they do not directly influence the appraisal process to the same extent as the real estate purchase contract does. The pre-approval letter indicates the buyer's financing ability, but it does not provide direct information about the property's value. The title insurance policy ensures that the property title is clear but is not needed for the appraisal itself. Lastly, property insurance information pertains to insuring the home and may not relate directly to its value assessment. Thus, the real estate purchase contract stands out as the key document for appraisers in their evaluations.