An appraiser provides an unbiased opinion of market value of a home and or property. This value is usually provided in a report to the lending institution or individual who ordered the appraisal.

No. Appraisers do not do complete home inspections and are not home inspectors. A home inspector will evaluate the structure of the home, from the inside out. Home inspector's reports will often contain information regarding the condition of the home's HVAC, plumbing and electrical systems; the roof, attic, and visible insulation; walls, ceilings, floors, windows and doors; and the foundation.

The first step in most appraisals is the site visit. During this process, the appraiser will come to your home and measure it, check out the layout of the rooms inside, take note of the home's general condition, and take several photos of your house for inclusion in the report. The best thing you can do is to insure the appraiser has easy access to the outside of the house. Trim any shrubbery and move any items that would make it difficult to measure the structure. On the inside, make sure that the appraiser has easy access to things like furnaces and water heaters.

Market value or fair market value is the most probable price that a property should bring (will sell for) in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised; (3) a reasonable time is allowed for exposure to the open market; (4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.