Real Estate Terms Glossary
What is an Appraisal?
In real estate, an appraisal is a professional analysis on the valuation of a property. Appraisals are often used by mortgage companies before underwriting a mortgage to make sure the size of the loan is appropriate to the current value of the property. It is a way to mitigate risk in lending.
If appraisals were not done, mortgage companies would risk underwriting mortgages for undervalued properties, which put them at higher risks of default.
Appraisals can also be conducted in an independent manner if someone wants to know the value of their property before putting it on the market. Appraisers are professionals that conduct this key analysis.
Appraisal Examples
Examples where you will find appraisals include:
- Example 1. Appraisals may be conducted before underwriting a mortgage.
- Example 2. Appraisals may be conducted before refinancing a mortgage.
- Example 3. Appraisals may be conducted before selling a property.
- Example 4. Appraisals may be conducted before removing PMI.
Here’s Investopedia’s definition of an Appraisal .
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