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An appraised value (United States) or mortgage valuation (Australia) pertains to the assessed value of real property in the opinion of a qualified appraiser or valuer. It is usually a pre-qualification & risk-based pricing factor related to the issuance of mortgage loans by a financial institution .
Real estate appraisal, property valuation or land valuation is the process of assessing the value of real property (usually market value). Real estate transactions often require appraisals because every property has unique characteristics. The location also plays a key role in valuation.
In some jurisdictions, the assessed value is meant to equal the market value of a property. In other areas, the market value is multiplied by an assessment ratio to arrive at the assessed value. Once a tax assessor determines the assessed value, it is multiplied by a tax rate, called a "mill rate," to arrive at the amount of the property tax. [1]
An appraisal is a process used to determine the value of a home. Usually, if the homebuyer is seeking financing for the purchase, the bank or mortgage lender will require the property be appraised.
Traditional appraisal process. No-appraisal process. Inspection. Licensed appraiser inspects property in person. Uses automated valuation models (AVMs) to assess value
Now let’s say that property is newly appraised at $500,000 as part of your loan process. In this case, your LTV would be 20% — or $100,000 divided by $500,000 — which tells lenders you have ...