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Value Appraiser An appraiser is a professional trained in methods of setting a value on real or personal property. Appraisers may be independently employed to perform property evaluations for the real estate industry or they may be appointed by a judicial authority to value property for legal purposes such as the compilation of an inventory for an estate sale. Typically in the real estate process a buyer will make a good faith offer on a home (that may or may not involve earnest money) with an option to withdraw the offer pending an appraisal of the property. The buyer's appraiser examines the property and makes a report at which time the buyer may choose to go forward with the purchase, alter their offer, or to withdraw from the purchase. Appraised values are also used for the purpose of determining tax payments and may have a bearing on whether or not an applicant can or cannot qualify for a mortgage on a given property. More terms explained |
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