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Is an appraisal a determination or an opinion of value? Why? When would a Purchase Money...

  • Is an appraisal a determination or an opinion of value? Why?
  • When would a Purchase Money Mortgage be appropriate?
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An appraisal is an opinion of market value. The appraiser analyses the market thoroughly and presents his/ her opinion to answer a client's query regarding the real property value. Opinion of market value is one of the most common type of appraisal assignment since it gives the prediction based on analysis of present market conditions and trends.

A purchase money mortgage happens during a purchase transaction between a seller and a buyer. The seller issues this mortgage to the buyer as a part of purchase transaction and this happens when a buyer fails to qualify for a mortgage through traditional lending channels.

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