Appraisal
The process of developing an opinion of value, for real property. Typically, the appraisal will reflect the market value of the property.
- Example : Alex wanted to sell his home. He ordered an appraisal from a certified appraisal company to help him value his home in light of the current real estate market conditions. The appraisal came back with a $450,000 valuation. Alex decided to list his house with a purchase price of $435,000.
