When you buy a home, your mortgage lender will want to know whether the house you are interested in buying is worth the amount you are willing to spend. They need to check out the house for anything that can devalue or increase the property's worth. To do this, they require home appraisals for all borrowers.
Vacant Land Appraising
To determine the market value of vacant land (any property with no buildings), you must look at a number of factors. It's a little different than trying to determine the value of a residential or commercial property. The market value of any property, put simply, is whatever someone is willing to pay for that property and other similar properties. That value, of course, is based on a few different attributes.