# Appraisal Report

An appraisal report is a document that provides an estimate of the market value of a property. It is typically required by lenders when a borrower is applying for a mortgage. The appraisal report is used to ensure that the lender is not lending more money than the property is worth. The appraisal report is prepared by a qualified appraiser, who will inspect the property and gather information about the local real estate market.

![](https://content.gitbook.com/content/6dJvbA41jcmLzZVb0huQ/blobs/2R5h141jX7UPFKwFbR1d/20.png)

**Context:** Identifying the document.

1. “Uniform Residential Appraisal Report” header

**In the Subject section—**

**Key takeaways:** Important information.

2. Property address
3. Borrower(s) name(s)
4. Owner of Public Record
5. PUD checkbox
6. HOA monthly fees

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**In the Reconciliation section—**

**Key takeaways:** Important information.

1. Appraisal made “as is” or “subject to” checkboxes
2. Appraised value

**Notes on the appraisal report:**

* If the appraisal is made “subject to” any conditions, it must be immediately reported to the LO and Processor.
* If the appraised value is lower than the purchase price, it must be immediately reported to the LO and Processor.
