Appraisal Frequently Asked Questions
This text is provided by The Appraisal Foundation in a publication titled “A Guide to Understanding a Residential Appraisal”. Click here for full publication
The lender orders the appraisal to obtain an accurate description of the property and an independent opinion of value. The lender uses the appraisal to document that the real estate is appropriate collateral and determine whether the value of the property is sufficient to support the lending decision.