An appraisal report is a detailed assessment of a property’s value, prepared by a certified appraiser. It includes an analysis of market conditions, property characteristics, and comparable sales to provide an unbiased opinion of worth.
Appraisal reports are essential for several reasons:
- Mortgage Lending: Lenders require appraisals to ensure the property’s value supports the loan amount.
- Buying & Selling: Helps buyers and sellers make informed decisions based on fair market value.
- Tax Assessment: Can be used for property tax calculations or appeals.
- Legal & Estate Planning: Supports divorce settlements, inheritance matters, and financial planning.
It’s all about making sure that a property is valued correctly and fairly—keeping transactions smooth and well-informed! Let me know if you need more details.