A traditional home appraisal is the process of assessing a property to determine its value. Traditional appraisals involve a trained appraiser visiting a property, generating a floor plan, taking photos, and collecting property information to determine an opinion of value.
The appraisal report is delivered to lenders, who use it to determine how much to lend to the property’s buyer. Appraisals are also used to determine how much a homeowner will pay in property taxes.
