There are several types and definitions of value sought by a real estate appraisal. The most common is market value. However there are other types of value that can be estimated for various reasons. It is important to use modifiers such as “market,” “investment,” “insurable,” etc., to have a clear understanding of the value which an appraiser is reporting.
Check out this video for an overview of the different types of value in real estate.
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Conrad Meertins, Jr.