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An appraisal report is a comprehensive analysis of the value of the home you are seeking to purchase or refinance. The appraisal report is primarily based on recent sales of similar properties as well as property size, condition and amenities. Examine the example appraisal report below to understand the information and analysis contained in the document.
Reviewing the example report also enables you to better understand how the fair market property value is determined when you apply for a mortgage. This is important because the appraised property value is one of the factors that determines the loan amount you are eligible for. Reviewing an appraisal report can be helpful because you want to make sure that the appraiser has all the information necessary to produce an informed property value assessment.
Keep in mind that your lender selects the appraiser and orders the appraisal report -- even though you usually pay for it -- but you want to make sure that your property shows as well as possible for the inspection. This approach helps to ensure that the property value submitted by the appraiser is consistent with your expectations. Please note that this is an example appraisal report that should be used for informational purposes only.