Definition
An appraisal report is the detailed documentation supporting the appraiser's value conclusion. It includes property description, condition assessment, comparables analysis, and valuation approaches. It's 20-30 pages of justification for the appraised value.
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An appraisal report is a detailed professional document that justifies the appraiser's value conclusion through thorough analysis and documentation. It includes property description, improvements, condition assessment, neighborhood analysis, comparable sales adjustments, and valuation approaches. The report must comply with Uniform Standards of Professional Appraisal Practice (USPAP) and lender requirements.
Pro Tip
Review your appraisal report carefully. If you believe it's wrong, provide comparables and information supporting your argument. Most appraisers will reconsider with additional evidence.
Example
An appraisal report for a suburban home includes 25 pages documenting the property condition, three comparable sales with detailed adjustments, and a final value estimate of $475,000 supporting the loan amount requested.