Property Appraisal – Professional valuation of real estate

A Property Appraisal is a professional assessment of a property's market value performed by a certified appraiser. It is commonly required during purchases, sales, mortgage approvals, or refinancing transactions.

Purpose of an appraisal

• Determine current market value based on location, condition, features, and comps
• Secure financing by helping lenders assess risk
• Guide decisions for buyers, sellers, or real estate investors

Appraisal methods

• Sales Comparison Approach: Based on recent sales of comparable properties
• Cost Approach: Replacement cost minus depreciation
• Income Approach: Based on potential rental income (used for investment properties)

Florida-specific insights

• Appraisals are required for most mortgage loans in Florida
• Only state-licensed or certified appraisers can issue official valuations
• The appraisal is typically for lender use only, unless otherwise agreed

? Tip: Before buying or financing real estate in Florida, get a Property Appraisal from a qualified independent appraiser to avoid overpaying or underinsuring.