Appraised Value

Appraised Value Definition

Appraised value is value given to a property by a certified and licensed real estate appraiser.

Explanation

This value is usually established by using surrounding comparables and similar properties in a certain area and mile radius which have sold during a recent time.

Appraisals are deemed the final certified amount a property is worth and used by banks, insurance companies, and brokers to determine a suitable price point.

Appraisals could always be disputed but rarely do they get adjusted unless there are good comparables given when disputed.

 

Martha Gaffney

REAL ESTATE BROKER

Expert contributor at RealEstateWords.com

 

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