Definition - What does Appraised Value mean?
An appraised value is an estimate of the financial worth of a property provided by a professional appraiser. In the context of the law, appraised values are used to help determine mortgage rates. Mortgages are legally binding loans that typically represent a substantial amount of value, so appraised values are highly relevant in this field.
Justipedia explains Appraised Value
The importance of appraised values exist because they provide a third-party valuation of a property. This is useful because the lender and the borrower are each involved in the situation and may have conflicts of interest in assessing the property. Furthermore, professional appraisers have skills that help them arrive at accurate valuations of the property. When appraised values are made, typically the lender selects the appraiser, but the borrower pays for the appraiser's services.
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