Appraisal - Not a Science, But More an Artform

Why do I say that? Because it is in the eyes of the beholder. No one number fits the definition of market value. What one buyer is willing to pay isn't what another buyer is willing to pay. Yet, to each of them, that is their market value for the property. 5 appraisers appraise the same piece of property. Do they come out with exactly the same number? No. They all operate under the same principles, but there is a certain amount of subjectivity involved. Appraisers protect lenders. They let the lender know if worse case scenario were to occur (buyer move in and never make a payment and lender has to take over ownership through foreclosure), can that lender get their money back? Watch the video for more of an explanation.