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What is an appraisal?
An appraisal is a detailed report that ultimately determines the current market value of a home. The appraiser will come out to the home, measure, and take pictures. Then they will analyze sold properties in the area, looking at the similarities and differences, to ultimately come up with an estimated market value. Lenders will almost always order an appraisal of a home before they will lend money using it as collateral, but anyone, such as a cash buyer or a seller, can order one.