An appraisal is a professional opinion of a home’s market value, prepared by a licensed residential real estate appraiser. It’s typically used in divorce proceedings, estate planning, tax appeals, private sales, and mortgage lending.

A Certified Residential Appraiser is a licensed professional qualified to provide real estate appraisals for 1–4 unit residential properties.

Comparable sales, often called “comps,” are recently sold properties ideally in the same area that are similar in size, condition, and features. They’re used to determine your home’s fair market value.

Fair Market Value is the estimated price a property would sell for on the open market.

An FHA appraisal is a specific type of appraisal required for FHA-insured loans, which includes both a valuation and a basic property condition inspection to ensure the home meets HUD safety and livability standards.

Also known as a drive-by appraisal, this is a limited-scope appraisal that includes an evaluation of the property based on external observation and public records, without an interior inspection. Often used for refinances or low-risk lending.

As-is value refers to the current market value of a property in its existing condition, without repairs or improvements.

An estate or probate appraisal is performed to determine the fair market value of a home at the time of a property owner’s death. It’s often used by attorneys and families for tax reporting and asset distribution.

A divorce appraisal provides a valuation of a property to ensure equitable division during divorce proceedings. It’s a critical tool for attorneys, courts, and financial planners involved in family law.

These appraisals are for homeowners or real estate agents who want a third-party valuation before listing a property or negotiating a private sale. It helps set the right price with confidence.