South Carolina Mortgages & Home Loans - SC Mortgage / South Carolina Real Estate - SC Real Estate

What is an Appraisal

Written by Tamara Schmitt
Monday, 07 November 2005
Appraisal is a document that gives an estimate of a property's fair market value. An appraisal is generally required by a lender before loan approval to ensure that the mortgage loan amount is not more than the value of the property. The appraisal is performed by an "appraiser" who is typically a state-licensed individual trained to render expert opinions concerning property values. In an appraisal, consideration is given to the property, its location, amenities as well as its physical conditions.
Last Updated ( Tuesday, 22 August 2006 )

2423691 Visitors