An appraisal is a professional appraiser’s opinion of value. An appraisal report may be delivered orally, but usually it is a written document. Appraisals are used to establish value as of a specific date and under specified conditions. Buyers and sellers use appraisals to help negotiate sales. Lenders use appraisals to help underwrite loans secured by real estate. When parties can’t agree, courts of law recognize the testimony of qualified appraisers as expert witnesses.