What is Appraised Value?
.
Appraisals
provide
an
objective
opinion
of
value,
but
it's
not
an
exact
science
so
appraisals
may
differ.
.
For
buying
and
selling
purposes,
appraisals
are
usually
based
on
market
value
-
what
the
property
could
probably
be
sold
for.
Other
types
of
value
include
insurance
value,
replacement
value,
and
assessed
value
for
property
tax
purposes.
.
Appraised
value
is
not
a
constant
number.
Changes
in
market
conditions
can
dramatically
alter
appraised
value.
.
Appraised
value
doesn't
take
into
account
special
considerations,
like
the
need
to
sell
rapidly.
.
Lenders
usually
use
either
the
appraised
value
or
the
sale
price,
whichever
is
less,
to
determine
the
amount
of
the
mortgage
they
will
offer.