Real Estate Glossary: Appraisal

An appraisal is the unbiased opinion or estimate on the value of a property. Appraisals are conducted by certified or licensed Appraisers who provide a professional valuation to determine what the home is likely to sell for based on current conditions in the market. An appraisal is not a home inspection but appraisers do look for major concerns and consider the value of upgrades to the home as well. Appraisers will assess the value of a home based on one of three approaches: cost approach, sales comparison approach, and income approach. After completing the appraisal, many appraisers provided a standard form across the U.S., the Uniform Residential Appraisal Report.

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