Appraised value

Appraised value is the estimated current market value of a property determined by a professional appraiser. In Jamaica, appraisers compare the property to similar homes recently sold in the area to provide an accurate valuation. When a buyer applies for a mortgage, the lender requires an appraisal to confirm the property’s value before approving the loan. The appraised value usually dictates the maximum loan amount the lender will offer. If the buyer’s requested loan amount exceeds this value, they will need to either find additional funding or reconsider their purchase.