The Appraisal Report

What is the Appraisal?

The purpose of the appraisal is to secure an independent and knowledgeable statement of a property’s current market value. In the case of residential properties up to 4 units, the appraisal is generally made based on recent comparable sales in the same market area in which the subject (of the appraisal) property is located. If you are purchasing the property for cash, it is not a required item, but a buyer would be imprudent not to have an appraisal done. After all, the appraisal is the only reasonably certain way for you to determine that you are paying an appropriate price.