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Real Estate vocabulary · Valuation & Appraisal

Appraisal

Meaning in real estate, with examples

/əˈpreɪzl/nounCore term

In real estate, appraisal means: A professional estimate of how much a property is worth, made by a qualified appraiser, often because a bank needs it before lending.

In Turkish: ekspertiz, değerleme, değer tespiti

How it is used

Mainly American English; the British word is valuation. The lender orders an appraisal, and the appraiser inspects the home and studies recent nearby sales. If the appraisal comes in low, the buyer may have to pay more in cash or renegotiate.

Example sentences

  1. The bank's appraisal valued the house at 50,000 dollars less than the agreed price.

  2. We're still waiting for the appraisal before the loan can be approved.

Common collocations

  • order an appraisal
  • appraisal report
  • the appraisal comes in low
  • appraised value
  • valuationA professional opinion of what a property is worth, or the figure that results. Agents, surveyors and lenders all carry out valuations for different purposes.
  • market valueThe price a property would most likely sell for on the open market, between a willing buyer and a willing seller who both know the relevant facts.
  • comparablesRecently sold properties that are similar in size, location and condition to the one being valued, used as evidence of its likely price.
  • lenderA bank or other financial company that lends money, especially one that provides mortgages to home buyers.
  • home inspectionA detailed check of a home's condition by a trained inspector, covering the structure, roof, plumbing, wiring and heating before the purchase is completed.

This word in other fields

The same English word can have a different meaning in another field:

More terms: Valuation & Appraisal

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