The Appraisal Process
A property appraisal is an opinion of value. In ad valorem appraisal, the appraiser is attempting to estimate market value, which is defined as "the most probable sale price of a property in terms of money in a competitive and open market, assuming that the buyer and seller are acting prudently and knowledgeably, allowing for a sufficient time for the sale, and assuming that the transaction is not affected by undue pressures." There are many factors which must be analyzed before current market value can be determined.
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