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- DictionaryAp·prais·al/əˈprāz(ə)l/
noun
- 1. an act of assessing something or someone: "the report has been subject to appraisal"
Learn the meaning of appraisal as an act or instance of appraising something or someone, especially a valuation of property by an authorized person. See synonyms, examples, word history, and related phrases of appraisal.
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What does appraisal mean?
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Appraisal is the act of examining someone or something in order to judge their or its qualities, success, or needs. It can also refer to a meeting between an employee and their manager to discuss their progress, aims, and needs at work.
the act of estimating or judging the nature or value of something or someone. an estimate of value, as for sale, assessment, or taxation; valuation. an estimate or considered opinion of the nature, quality, importance, etc: the critics' appraisal of pop art; an incorrect appraisal of public opinion. Discover More.
Appraisal is the act of examining someone or something to judge their qualities, success, or needs. It can also refer to a meeting between an employee and their manager to discuss their progress, aims, and needs at work. See more meanings, synonyms, collocations, and examples of appraisal.
- What Is An Appraisal?
- Understanding Appraisals
- Types of Appraisals
- Home Appraisal Process and Cost
- The Bottom Line
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An appraisal is a valuation of property, such as real estate, a business, collectible, or an antique, by the estimate of an authorized person. The authorized appraiser must have a designation from a regulatory body governing the jurisdiction of the appraiser. Appraisals are typically used for insurance and taxationpurposes or to determine a possibl...
Appraisals are used in many types of transactions, including real estate. If a home valuation, for example, comes in below the amount of the purchase price, mortgage lenders are likely to decline to fund the deal. Unless the prospective buyer is willing and able to come up with the difference between the appraised value and the lender'sfinancing of...
Home Appraisals
A home valuation is necessary during the process of buying and selling a home, as well as a refinance of an existing mortgage. A refinanceis when a loan or mortgage is reevaluated and updated to current interest rates and new terms. An appraisal determines the home's value to ensure that the price reflects the home's condition, age, location, and features such as the number of bathrooms. Also, valuations help banks and lenders avoid loaning more money to the borrower than the house is worth....
Collectibles or Antiques
Professional appraisals can be done for many items, including collectibles, antiques, or grandma's silver. Ideally, you'll want multiple valuations for an item from an accredited professional. Appraisers might charge an hourly rate or a flat fee. A certified appraiser's valuation will likely be fair and unbiased, whereas the local collectible shop has an incentive to offer you less for the item. Also, owners can get an idea of an item's valueby checking collectible magazines and online apprai...
Appraisals and Insurance
Some types of insurance policies also require appraisals of goods being insured. Homeowners' and renters' insurance policies protect policyholders against the loss of personal propertydue to theft or damage. These blanket policies cover items up to a preset dollar limit. Obtaining an appraisal of the contents of a home creates an inventory of the owner's property and establishes its value, which helps to ensure a swift settlement if a claim is filed. When the value of specific items exceeds a...
The home appraisal processtypically begins after a buyer makes an offer on a home and that offer is accepted by the seller. The buyer's mortgage lender or broker may order the appraisal on their behalf, though the buyer is typically expected to pay for it out of pocket. On average, a home appraisal for a single-family property runs between $300 and...
An appraisal is an assessment of the fair market value of a property, business, antique, or even a collectible. Appraisals are used to estimate the value of itemsthat are infrequently traded and are often rare or unique. The authorized appraiser must have a designation from a regulatory body governing the jurisdiction of the appraiser. Appraisals c...
An appraisal is a valuation of property, such as real estate, a business, collectible, or an antique, by the estimate of an authorized person. Learn about the different types of appraisals, how they are used, and how they work for various purposes such as insurance, taxation, and sales.
- Will Kenton
- 2 min
An appraisal is a judgment of something, especially an estimate of how much it's worth. Usually you need an expert to give an official appraisal.
Appraisal is the act of estimating or judging the nature or value of something or someone. It can also refer to a professional examination of property or goods for market value. See more meanings, synonyms, pronunciation, and usage examples of appraisal.
