Real Estate Word of the Day: Appraisal
An appraisal is the estimate of a property's current market value, done by a licensed appraiser who is an expert in the field. In real estate, an appraisal is also called a property/land valuation. The estimation is calculated by comparing the recent sales of homes in the area to the property that is being appraised. It will also include the features of the home, square footage, number of bedrooms and bathrooms, and other amenities. An appraisal is typically required by mortgage lenders in order to ensure that the money they are loaning to a new or current homeowner is a fair amount for the home. This is done in order to protect the lender, and so the bank knows that the buyers are not overpaying for the property.
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