Appraisal Definition

An appraisal is an estimate of the value of a property, made by a qualified professional called an appraiser. They will determine what is the estimated market value of the property.

To reduce the risk of fraud, most lenders select and order their own appraisers. However, if you choose to hire one to determine the value of your property, make sure that they meet certain standards.

They should be qualified with commercial properties, have significant education and experience. The best way to determine this is to see if they have a MAI designation from the Appraisal Institute (a professional organization of real estate appraisers).

An appraisal is usually good for 6 months.

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