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What does an appraisal mean?
Sellers Answers

A report made by a qualified person setting forth an opinion or estimate of value. The term also refers to the process by which this estimate is obtained.

In conventional mortgages and in the HUD-FHA Direct Endorsement Program, the lender receives a copy of the complete report, showing the basis for the appraiser's estimate.

In VA cases and in HUD applications processed by HUD, the lender receives only a statement of the estimate of value, without any detailed supporting data.

 

Jeremy C. McDowell
Lookout Mountain Land Co, LLC
Ph: 866-841-5263 - Fax: 423-881-5994
2350 Long Branch Road Spencer, TN 38585
www.lookoutmountainlandcompany.com

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