This document is an FAQ about home appraisals. It defines a property appraisal as an unbiased estimate of a home's value at a given time. It explains that appraisers inspect homes and compare them to recent sales of similar properties. The lender typically chooses the appraiser, and appraisals usually cost $350-$600. Buyers generally pay for appraisals as part of their closing costs. An appraisal is not a home inspection and only evaluates value, not structural integrity.