Appraised Value refers to the evaluation of a property’s worth based on a professional appraisal.
An appraisal is a comprehensive report that determines the estimated market value of a property. This process is typically conducted by a certified, state-licensed professional appraiser who is trained to use specific, standard methods for valuing property.
The appraiser will assess various factors including the property’s features, size, condition, location, the value of similar properties (comparables), and current market conditions to determine the property’s appraised value. This value is often used by lenders to determine the amount they are willing to loan for the property. It can also be used for taxation purposes, in litigation, and during negotiation processes in the sale or purchase of a property.