SellingAppraised value is an objective opinion of value but it's not an exact science, so appraisals may differ from realtor to realtor, property to property.
For the purposes of buying and selling appraisals are usually based on market value—what the property could probably be sold for. Other types of value include insurance value, replacement value and assessed value for property tax purposes.
Appraised value is also not a constant number. Changes in market conditions can dramatically alter appraised value.
Appraised value doesn't consider special considerations, like the need to sell rapidly.
Lenders usually use either the appraised value or the sale price, whichever is less, to determine the amount of the mortgage they will offer.