An appraisal is a crucial process in real estate, where a qualified appraiser assesses a property’s value based on factors like location, size, condition, and comparable sales. This unbiased valuation is essential for buying or selling property, refinancing a mortgage, or for insurance and tax purposes, helping both buyers and sellers make informed decisions. If a property’s appraised value is lower than the purchase price, it can affect mortgage approval, requiring the buyer to cover the difference for the transaction to proceed.