appraised value

Appraised value is an expert's estimate of a property's worth, determined by a professional appraiser. This evaluation considers various factors, including the property's condition, location, size, and recent sales of similar properties. Appraisals are commonly used in real estate transactions, mortgage lending, and tax assessments to ensure that buyers are paying a fair price and lenders are making sound investment decisions. The appraised value helps both buyers and sellers understand the market value of the property.