Glossary

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Appraised Value
The term appraised value refers to a professional opinion about the current market value of a property. When estimating this value, property appraisers review similar properties that recently sold in the same area, and then they provide an estimate of what the targeted property is worth. When a home buyer wants to obtain a mortgage, the lending institution will want to determine the current value of the property before they provide the purchase funds. The mortgage company will ask the home buyer to have an appraisal done; the appraised value of the property is usually the largest amount the lending institution will allow the home buyer to borrow. If the home buyer requested an amount higher than the mortgage company is willing to give them, that buyer must either find an alternative source of funds or walk away from the purchase.