What Is Appraised Value?

It's an objective opinion of value, but it's not an exact science so appraisals may differ.

For buying and selling purposes, appraisals are usually based on market value -- what the property could probably be sold for. Other types of value include insurance value, replacement value, and assessed value for property tax purposes.

Appraised value is not a constant number. Changes in market conditions can dramatically alter appraised value.

Appraised value doesn't consider special considerations, like the need to sell rapidly.

Lenders usually use either the appraised value or the sale price, whichever is less, to determine the amount of the mortgage they will offer.

Used with permission from Kim Daugherty, Real Estate Checklists and Systems (http://www.realestatechecklists.com).

Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS®
© 2005. All rights reserved.www.REALTOR.org/realtormag

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The data relating to real estate for sale on this website comes in part from the IDX Program of the Central West Tennessee Association of Realtors® Multiple Listing Service (MLS) Multiple Listing Service. Copyright 2010-11 MLSCWTAR. All Right Reserved.

IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

Mike Peasley is a Realtor® with Town & Country, Inc. Realtors®, 1944 Hwy 45 ByPass, Jackson TN 38305, (731) 668-7000. Town & Country, Inc. Realtors® is licensed in the State of Tennessee. Town & Country, Inc. Realtors® is a registered trademark licensed to Town & Country, Inc Realtors® Real Estate LLC.