An estimate of the fair market value of a property, as prepared by a licensed appraiser.
An appraisal (also referred to as an appraisal report) is an estimate of the fair market value of a property, as prepared by a licensed appraiser.
Appraisers will photograph, measure, and review all county records relating to the subject property in order to complete their report after physical inspection. They also rely on "comps" to help determine the appraised value. Normally, buyers want to see the appraised value match or exceed their purchase price.
Appraisers are held to high standards in terms of quality as well as legal requirements. JVM utilizes its local panel of vetted appraisers whenever possible.