Appraisal Terminology

Appraisal Terminology

Understanding appraisal terminology can help homeowners communicate effectively with appraisers and real estate professionals. Here are some common terms:

• Comparable Sales: Recent sales of similar properties used for valuation.
• Market Value: The estimated price a property would sell for in a competitive market.
• Appraisal Report: A document detailing the appraiser's findings and conclusions.

Familiarity with these terms can enhance your understanding of the appraisal process.

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Conclusion

Being knowledgeable about appraisal terminology can empower homeowners during real estate transactions.