An appraisal is an assessment of the value of the property based on comparable property they have sold typically within about 6 months. What it really does is it protects the buyer. They are paying something similar to what current properties are selling for in the area. Also it protects the bank, so that they are not making a loan for more than what the competing properties in the area are selling for.If you are doing a loan, then typically your lender is going to set up an appraisal for you. If you were doing it "for sale by owner" or wanted to appraise your own property, you can contact your lender or their actual list of appraisal companies in the phonebook.
