What is an appraisal?

An appraisal is defined as an opinion of value by professional appraisal standards (Uniform Standards of Professional Appraisal Practice). Appraisers consider appraising to be both an art and a science. You probably have an opinion of the value of your home or your office. Your opinion and a professional appraiser's opinion may be the same. But appraisers are required to be objective and impartial in their analyses and opinions. A professional appraiser has been trained in appraisal methodology and looks at how your building compares with sales and listings of similar properties, considers many factors such as price trends and proximity to a freeway, complies with professional standards, and usually completes a written "narrative" report.

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