Mortgage Broker Company - What is a home appraisal?

A home appraisal is a survey that is completed by a professional. It is their opinion of the property market value. An appraisal is usually done for a lender when a home is being approved for a loan.

It is a detailed report that surveys the condition of the home and the neighborhood area (what other homes are selling for and how fast they sell). The sales comparison is to figure what the cost would be if your home was destroyed.

A home inspection is different. The home appraisal is only looking at major concerns not details.

For commerical property an income appraisal is completed.