An appraisal of real estate is the valuation of the rights of ownership. The appraiser must define the rights he intends to appraise.
An appraisal is an opinion of value or the act or process of estimating value. This opinion or estimate is derived by using three common approaches, all derived from the market.
Appraisal to Obtain a Loan
First Federal may require an appraisal or evaluation to determine a property's value for loan purposes.
Other Reasons to Order an Appraisal
There are many reasons to obtain an appraisal. The most common reason is for a real estate or mortgage transaction, but we have compiled a list of other reasons to order an appraisal.