Appraisal / Appraiser

When a certified professional estimates the value of a property

Before your loan can be completely approved, the property that you want to buy or refinance must be appraised. To make an accurate estimate, an appraiser collects data about the property, such as the number and size of the bedrooms and bathrooms and improvements. Then the appraiser compares it to similar properties recently sold in the area and adjusts the price to account for any differences. An appraisal generally costs between $200 and $400.

See: Comparable sale (comp)