FAQs

An appraisal is necessary for various financial and legal purposes, including obtaining mortgages, refinancing existing loans, estate planning, divorce proceedings, resolving property tax disputes, or determining an appropriate sale price for a property.

Property value is assessed through multiple methods, including the analysis of comparable sales in the area, evaluation of the property's current condition, consideration of its location and size, and review of recent improvements. Appraisers typically employ sales comparison, cost, and income approaches to arrive at an accurate valuation.

In most cases, the lender initiates the appraisal process. However, individuals can also directly request an appraisal for their personal needs or decision-making purposes.