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BIRMINGHAM, VESTAVIA, HOOVER, & HOMEWOOD REAL ESTATE NEWS & COMMENTS:

Appraised Value:
An opinion of a property's fair market value, based on an appraiser's knowledge, experience, and analysis of the property. Since an appraisal is based primarily on comparable sales, and the most recent sale is the one on the property in question, the appraisal usually comes out at the purchase price.

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