An appraisal is the practice of developing an opinion of the value of real property, usually its Market Value.
Usually, an appraisal expert has attained some type of designation through formal study and examination by a recognized body.

The Member of the Appraisal Institute (MAI) and Senior Residential Appraiser (SRA) designations are awarded by the Appraisal Institute to those who pass certain tests, prepare detailed sample reports, demonstrations and complete years of appraisal experience.

Other highly credible organizations that award appraisal designations include the National Society of Real Estate Appraisers, the American Society of Appraisers, the International Association of Assessing Officers, and the National Association of Independent Fee Appraisers.

Designations from these associations assure that the appraiser understands the principles of appraisal and subscribes to a code of professional ethics.
All states are now required to license appraisers of real property. You can find local appraisers in the phone book, online, through your local Real Estate board or usually by word of mouth.

Value should be qualified as well. There are different types of value. The majority of appraisals seek to find market value. This is what the property is
worth to typical purchasers in a normal market. The Appraiser will always request a copy of the Purchase Agreement so they know what the
Buyer is willing to pay for the property.

If you are interested in what the property is worth under your personal circumstances, an appraisal can be made for investment value. An appraiser should be able to give an opinion of value under any conditions, as long as they are spelled out at the outset.
Most appraisals are used for factual support.

During the time that you negotiate with the Lender, they require either a BPO or an Appraisal. The purpose of the Appraisal is to show the Lender the value of the property.


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