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Appraisal Basics

An appraisal of real estate is the valuation of the property. The majority of real estate appraisals are requested to validate the property’s purchase price for loan purposes. The appraiser interprets the market to arrive at a value estimate. As the appraiser compiles data pertinent to a report, consideration must be given to the site and amenities as well as the physical condition of the property. Considerable research and collection of general and specific data must be accomplished before the appraiser can arrive at a final opinion of value.