What is the difference between a home valuation and an appraisal?

A home valuation is an agent's opinion of value based on recent comparable sales, while an appraisal is a formal, licensed opinion of value a lender requires before approving a mortgage. A valuation is typically free and can be updated any time, but an appraisal follows strict lender guidelines and is ordered through the lender rather than the agent or seller. Joel Boss provides valuations for North Metro Atlanta sellers, while the appraisal only happens once a buyer is under contract.