What is an Appraisal?

An appraisal is the process of developing an unbiased opinion of value for real property (usually market value).

Fair market values are based on factors such as property condition, the values of properties in close proximity, and building replacement costs, using building valuation manuals and professional cost estimators. Real estate appraisals are commonly required when people buy or sell property, apply for or renew a mortgage, for insurance purposes, to settle estates and matrimonial settlements.