Appraisal Report
An independent valuation of the property conducted by a licensed appraiser to determine fair market value for the lender's collateral purposes.
When Its Used
Ordered by the lender after loan application. Typically completed within 2-3 weeks of loan application.
Key Sections
Property description; Comparable sales analysis; Adjustments made; Final value opinion; Subject photos; Condition assessment
Common Mistakes
Not providing comps to the appraiser; Failing to ensure property access; Not understanding how a low appraisal affects the transaction; Missing the appraisal contingency deadline
Pro Tip
Provide the appraiser with a list of recent comparable sales and any improvements made to the property. Ensure the property is accessible and presentable.
