Real Estate Appraisal, also known as property valuation, is a procedure for determining the estimated market value of a property under current market conditions. It can be a fundamental tool for various sectors such as real estate and banking. The process is usually conducted by a qualified and certified appraiser who thoroughly examines the property, taking into account its geographical position, physical characteristics, current real estate climate, and comparable property values in the surrounding area. Based on the gathered data, the appraiser estimates a fair market value for the property, which serves as a significant baseline for crucial financial decisions. This could include determining a selling price, approving a mortgage loan, resolving estate settlements, or even in taxation circumstances. A well-executed appraisal report can assist both buyers and sellers in the real estate market by providing an objective and unbiased perspective on a property’s worth.
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