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A property appraisal is a valuation performed by an independent third party. When you purchase a property and intend to finance that purchase, the lender will order an appraisal on the property to ensure that you have not overpaid for the property, but more importantly to ensure that there is sufficient collateral to support repayment of the loan.
It is very rare that as a home owner you will need to hire an appraiser, but it can be necessary if you are trying to fight a tax appraisal, drop your PMI payment.
If you are thinking of selling your home and you would like to know how much it is worth, you should contact a Realtor. A Realtor will provide you a CMA (comparative market analysis) free of charge if you are looking to sell your home. An appraisal in the Austin area will cost you at least $300, and can be much higher depending on the property type, location, and highest and best use.
If you are unhappy with the appraised value of a property that you are trying to purchase, you can ask the lender to review the appraisal, but they are extremely unlikely to accept an appraisal from an appraiser that you have hired. In the event you do need to contact an appraiser, the following list of professional appraisers should be useful.
Momentum Appraisal Group
512-264-2144