An opinion or estimate of the property's value made by an independent appraiser or by a member of the lender's staff.
An estimate of the value of the property. Common methods of appraisal include: the prices comparable houses have sold for in the recent past and the value of the land plus the cost to build the home minus building depreciation.
A written analysis of the estimated value of a property prepaired by a qualified appraiser.
A supportable estimate of a property's market value determined by a trained and certified appraiser who measures the likelihood that a property will maintain its value over the duration of the loan.