Home Appraisal
Also called: appraisal, valuation survey, appraised value
An appraisal is a licensed valuer's independent estimate of a property's market value, ordered by the lender to check that the collateral supports the loan. An appraisal below the agreed price forces a decision: renegotiate, pay the gap in cash, or walk. It differs from the assessed value used for tax and from a listing agent's opinion, both of which are computed for different purposes.