Appraisal

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 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 sale.