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An Appraisal is a valuation performed by a professional in order to determine the worth of an asset. For example, some real estate professionals are trained to determine the current market value of a home. In most instances, a professional fee is charged to the property owner for a formal or written appraisal.
Below are just a few examples of how appraisals are used:
- Insurance - determining the value of a home for a homeowner's insurance policy. Jewelry, art collections, coins or other valuables may also require a formal appraisal to be insured.
- Real Estate - determining the value of a home to qualify for a mortgage, in the settlement of an estate, to support a divorce proceeding, or to determine the equity in a home for a home equity loan or line of credit.
- Taxes - appraisals are often required to verify the value of donated property such as a car.
- Sale of Property - nearly everything of special value - furniture, antiques, coins, jewelry - any type of collectible can be subject to an appraisal prior to a sale.
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