What is an Appraisal Value?

  • It is an opinion and it is objective and no it is not an exact science. Appraisals may differ.
  • Appraisals are usually based on market value and what the property could probably to be sold for. Other types of value include insurance value, replacement value and assessed value for property tax purposes.
  • Appraised value is not a constant number and can change to market conditions.
  • Appraised value does not consider the need to sell.
  • Appraised value can affect a lenders determination of a loan.

The above checklist is for informational purposes only and is not a substitute for legal, tax or other professional assistance.