Q. What is the difference between a Property Appraisal and a Property Valuation?

A. Real estate appraisal, property valuation or land valuation is the practice of developing an opinion of the value of real property, usually its Market Value.

The terms Appraisal and Valuation if looked up in a dictionary will give you the same meaning as they are synonyms, however, when it comes to real estate, they are VERY different and sellers of property SHOULD know the difference

Appraisals tend to be rather inaccurate. What the estate agents are really doing is applying their knowledge of the local market to try and predict what that property can be sold for.  The reason it is called an Appraisal and not a “valuation” is because an estate agent is not a professional Valuer and it is illegal for them to use the word “valuation”.