An appraiser is a professional (generally licensed) with knowledge of real estate markets and skilled in the practice of appraisal.

When a property is appraised in connection with a loan, the appraiser is generally selected by the lender or mortgage company.

The appraisal fee is usually paid by the borrower.

Appraising is considered an art, not a science. Although the appraisal process involves mathematical calculation, appraisers also use their own judgment when appraising real property. Therefore, two appraisers might reach different values for the same property.

Also see Solutions for low appraisals and Appraisal fraud

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