Appraisal and Valuation

Condition or requirement from an appraisal that must be addressed before mortgage approval or closing.

Follow-up property review used to confirm required appraisal repairs or conditions were completed.

Repair item identified through appraisal review that must be completed or resolved for mortgage approval.

Risk that the property may not adequately support the mortgage because of value, condition, title, or marketability issues.

Estimated cost to correct a property condition issue considered in appraisal and collateral review.

How readily a property can be sold, considered in appraisal, title, and mortgage collateral review.

Loan-program property requirements used to decide whether a home is acceptable collateral.

Baseline property standards used in mortgage review to evaluate safety, soundness, and collateral acceptability.

Property acceptability concept used in appraisal review for hazards, structural issues, and collateral protection.

Comparable-sale price after appraisal adjustments, used to support a mortgage valuation conclusion.

Property observation step used in some appraisals to gather information relevant to mortgage valuation.

Written valuation document that explains the property, market evidence, and supported value used in a mortgage file.

Follow-up valuation work used to determine whether a prior appraisal remains usable for a mortgage file.

Lender acceptance of a mortgage file without requiring a full traditional appraisal.

Valuation professional who develops the property value opinion used in a mortgage appraisal.

Computer-generated property value estimate that may support screening, review, or limited valuation workflows.

Appraisal technique that uses comparable sales above and below the subject property's key characteristics.

Choosing the comparable sales that best support a mortgage appraisal value conclusion.

Appraisal adjustment for meaningful condition differences between a comparable sale and the subject property.

Appraisal shorthand for the subject property's observed condition and how it compares with market evidence.

Appraisal review performed from the report and available data rather than a new field inspection.

Appraisal estimate of how old a property appears based on condition, updates, and remaining usefulness.

Date the appraiser's value opinion applies to, which may differ from the report completion date.

Value pressure caused by outside factors that affect the property's market appeal.

Appraisal assumption treated as true for the analysis even though it could affect value if wrong.

Appraisal review that may include an outside inspection or direct market check beyond the original report.

Follow-up property check used to confirm required repairs or completion items for a mortgage file.

Value pressure caused by a property's layout, design, or utility being less useful to the market.

Total appraisal adjustment activity on a comparable sale before positive and negative changes offset.

Finished above-grade living area used in many residential appraisal comparisons.

Appraisal concept describing the reasonably supported use of a property that drives its value analysis.

Appraisal condition used for analysis even though it is contrary to current fact or not yet true.

Appraisal adjustment for location differences that affect a comparable sale's usefulness.

Combined positive and negative appraisal adjustments after they offset each other on a comparable sale.

Appraisal method for estimating an adjustment by comparing similar sales that differ mainly by one feature.

Standardized gathering of property information that can support some mortgage valuation workflows.

Appraisal report field identifying the ownership interest or property rights being valued.

Appraisal shorthand for construction quality and finish level used in property comparisons.

Appraisal estimate of how long a property is expected to remain economically useful.

Appraisal report table comparing the subject property with selected comparable sales and adjustments.

Appraisal opinion based on specified repairs, completion, or conditions being satisfied.

Appraisal adjustment for market movement between a comparable sale date and the valuation date.

Appraisal reasoning step that weighs valuation evidence to reach a supported final value conclusion.

An appraisal is a professional valuation of a property used to help a lender judge whether the collateral supports the mortgage.

An appraisal adjustment accounts for meaningful differences between a comparable sale and the subject property.

Appraised value is the property's value conclusion as stated in the appraisal report.

As-completed value is the expected appraised value of a property after specified repairs, renovations, or construction are finished.

As-is value is the appraised value of a property in its current condition, before planned repairs or improvements are completed.

Comparable sales, or comps, are similar recent property sales used to help support a home's valuation.

The sales comparison approach estimates property value by comparing the home with similar recently sold properties.

Subject property is the home being appraised, underwritten, or otherwise evaluated in a mortgage file.

Mortgage appraisal and valuation terms that explain how lenders judge property value, compare sales, and handle valuation gaps.

An appraisal gap is the difference between the agreed purchase price and the lower value supported by the appraisal.

An appraisal management company coordinates appraisal ordering, panel management, and quality-control functions between lenders and appraisers.

The lender-side check of a completed appraisal to confirm the report is usable, internally consistent, and fit for the mortgage decision.

A broker price opinion is a property value estimate prepared by a real estate broker or agent rather than a licensed appraiser.

A desktop appraisal is a valuation approach completed without a traditional full interior property visit.

A hybrid appraisal is a valuation format in which property-inspection work and appraiser analysis are split into separate roles.

Reconsideration of value is the process of asking for review of an appraisal when the borrower or lender believes the valuation may need adjustment.

Assessed value is the value assigned to a property for property-tax purposes by the local taxing authority.

The cost approach estimates value by looking at land value plus the cost to replace or reproduce the improvements, adjusted for depreciation.

An exterior-only appraisal is a property valuation that relies on exterior inspection and other data without a full interior walkthrough.

The income approach estimates property value by analyzing the income the property can generate.

Market value is the price a property would likely command in an open market under typical conditions.