What is the mean by Appraisal in real estate?

If you are searching for the meaning of Appraisal in real estate and also a definition of Appraisal,  then this blog post is helpful for you

Definition

A determination of the value of something, such as a house, jewellery or stock. A professional appraiser--a qualified, disinterested expert--makes an estimate by examining the property, and looking at the initial purchase price and comparing it with recent sales of a similar property. Courts commonly order appraisals in probate, condemnation, bankruptcy or foreclosure proceedings in order to determine the fair market value of property. Banks and real estate companies use appraisals to ascertain the worth of real estate for lending purposes. And insurance companies require appraisals to determine the amount of damage done to the covered property before settling insurance claims.