A real estate appraisal is an unbiased, professional assessment of a property's value, conducted by a qualified appraiser.
This process determines the fair market value of a property based on various factors, including its location, condition, and comparable sales in the area.
Appraisals serve both buyers and lenders by providing an objective evaluation of a property’s worth.
The process consists of a thorough inspection, comparative market analysis and, finally, the appraisal itself in the form of a report.
Real estate appraisals are not only useful when selling or buying a property. They are also useful in areas such as financing a property, tax assessments where you may wish to contest the property value with tax authorities, divorce settlements, estate distribution or property disputes.