An estimate of the value of property, made by a qualified professional called an "appraiser " Most states require licenses Various lenders have their own lists of approved appraisers
Appraisal is the official or formal assessment of the strengths and weaknesses of someone or something. Appraisal often involves observation or some kind of testing. Staff problems should be addressed through training and appraisals. = evaluation
a document that gives an estimate of a property's fair market value; an appraisal is generally required by a lender before loan approval to ensure that the mortgage loan amount is not more than the value of the property
An estimate of a property's value as of a given date, determined by a qualified professional appraiser The value may be based on replacement cost, the sales of comparable properties or the property's ability to produce income
If you make an appraisal of something, you consider it carefully and form an opinion about it. What is needed in such cases is a calm appraisal of the situation = evaluation
A report made by a qualified person setting forth an opinion or estimate of value The term also refers to the process by which this estimate is obtained In conventional mortgages and in the HUD-FHA Direct Endorsement Program, the lender receives a copy of the complete report, showing the basis for the appraiser's estimate In VA cases and in HUD applications processed by HUD, the lender receives only a statement of the estimate of value, without any detailed supporting data