It’s an objective opinion of value, but it’s not an exact science so appraisals may differ.
For buying and selling purposes, appraisals are usually based on market value – what the property could probably be sold for.A� Other types of value include insurance value, replacement value, and assessed value for property tax purposes.
Appraised value is not a constant number.A� Changes in market conditions can dramatically alter appraised value.A�
Appraised value doesn’t consider special considerations, like the need to sell rapidly.
A�Lenders usually use either the appraised value or the sale price, whichever is less, to determine the amount of the mortgage they will offer.A�
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Reprinted from REALTOR Magacine Online by permission of the National Association of REALTORS.A� Copyright 2005.A� All rights reserved.A� http://www.REALTOR.org/realtormag