What is a real estate appraisal and how is one used? A real estate appraisal is an impartial estimate of market value that is prepared by a licensed or certified appraiser based upon appropriate comparable data. In short, it’s an estimate of what the “market” or the home buyers, would be expected to pay for the property.
There are many uses for a real estate appraisal. The most common is during the sale of a property with a mortgage loan, but the list of useful applications is long. See much more about appraisals and how they are used by visiting the REAL ESTATE APPRAISALS page.
This short video is a great intro to understand more about real estate appraisals.