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The estimated value of the house, as determined by a third-party professional who has inspected the property; this ensures that you aren’t paying more for a house than it’s worth.

Merriam-Webster Online Dictionary
appraisal (noun)
an act or instance of - appraising , especially a valuation of property by the estimate of an authorized person
Merriam-Webster Online Thesaurus
appraisal (noun)
1.
an opinion on the nature, character, or quality of something
SYNONYMS:
appraisal, appraisement, assessment, estimate, evaluation, fix, judgment ( judgement), value judgment
RELATED WORDS:
aperçu, feeling, impression, notion, perception; confidence, faith, stock, trust; belief, conviction, mind, persuasion, sentiment, view; conjecture, guess, hunch, hypothesis, surmise, theory
appraisal (noun)
2.
the act of placing a value on the nature, character, or quality of something
SYNONYMS:
appraisal, appraisement, assessment, estimation, evaluation, reckoning, valuation
RELATED WORDS:
calculation, computation, measurement, mensuration; audit, check, checkup, examination, inspection, review, scan, scrutiny, survey; reassessment, transvaluation; overestimation, overevaluation; underestimation
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