What is Appraised Value

by DARCY KLOVANISH 09/18/2019

What is Appraised Value? 

 

  • Appraisals provide 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. Other types of value include insurance value, replacement value, and assessed value for property tax purposes.

 

  • Appraised value is not a constant number. Changes in market conditions can dramatically alter appraised value.

 

  • Appraised value doesn’t take into account special considerations, like the need to sell rapidly.

 

  • Lenders usually use either the appraised value or the sale price, whichever is less, to determine the amount of the mortgage they will offer.
About the Author
Author

DARCY KLOVANISH

Hi, I'm DARCY KLOVANISH and I'd love to assist you. Whether you're in the research phase at the beginning of your real estate search or you know exactly what you're looking for, you'll benefit from having a real estate professional by your side. I'd be honored to put my real estate experience to work for you. I study the market closely and keep tabs on which homes sell and which don't. I pride myself in taking an honest consultative approach.

I have been in real estate since 2005 and really enjoy what I do. I have worked for several companies the large franchise such as Remax and Keller Williams back in 2005. I gained numerous experience in selling houses and working with buyer's. I have sold a variety of property from residential, condos, lots. I did many short sales, distressed properties, fixer upper's, probate's. I have achieved certifications in staging, probate, and designated for
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