A appraisal is a report prepared by an authorize or certified appraiser, to determine the price or value of a home, market condition, market rent, and more.

Most lenders have their list of approved appraiser, for the purpose of the integrity of the appraisal report to give a fair valuation, in the real estate market.

An appraisal can be ordered by a borrower or a mortgage agent or mortgage broker.  During the appraisal inspection, the appraiser will visit the property and take photos of the inside of the home.