Appraisals are opinions or value estimates based upon knowledge, experience, and a study of pertinent data. Appraisals are sought from qualified individuals with no financial interest in the loan transaction.
An appraisal is typically used to verify:
- The value of a property to be purchased, refinanced or improved
- Value of land to be used in new construction
- Value of property used toward a down payment, such as the market value of rental prices from an income property
A published value is used to estimate the value of personal property that a customer plans to sell to fund a down payment. Examples include automobiles, recreational vehicles, and stamp, coin or baseball card collections.
Published value estimates are typically provided by publications such the NADA Blue Book, or those from professional associations. They may also be written estimates from a qualified appraiser.
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