An appraisal is a professional, independent estimate of what a property is worth.
An appraisal is a formal valuation of a property prepared by a qualified appraiser, used by lenders to determine collateral value.
Lenders use the appraised value to set loan-to-value and decide how much they'll lend against a property.
Before financing a land purchase, a lender typically orders an appraisal of the parcel.
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