What is an Appraisal?
A real estate appraisal is the process of developing an unbiased opinion of value for real property. The preparation of an appraisal involves market area research, analysis of the subject property and the knowledge, experience, and judgment of an appraiser.
An appraisal is an unbiased estimate of the true value
What is the role of an Appraiser?
An Appraiser provides a professional, unbiased opinion of market value, to be used in making real estate decisions. All lenders order an appraisal during the mortgage loan process so that there is an objective way to assess the home’s market value and ensure that the amount of loan is appropriate.
Why get an Appraisal?
Appraisals are required whenever real property is sold, mortgaged, taxed, insured, or developed. Typical reasons to get an appraisal include mortgage lending purposes, tax assessments, tax appeals and buyer/seller negotiations.