Appraisal

What is Appraisal?

A written analysis of the estimated value of a property prepared by a qualified appraiser operating under a set of approved guidelines promulgated by the Appraisal Institute. Appraisals are used in home purchase and home sale transactions. In a real estate transaction, an appraisal is used to figure whether the contract price is appropriate given the home's location, current condition, and amenities.