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The law dictates that the lender is to provide it to you “promptly” (however that vague term might be interpreted) after receiving it, and no later than three days before closing. You now have the right to receive all this information. Before now, this is the only document that has been provided to you, the borrower. You might have noticed an Appraisal Review Fee on your Fee Worksheet or Good Faith Estimate if the lender passes on this cost to their customers. This is when the lender pays a second appraiser to take a look at the first appraiser’s report and weigh in. For a fee, some real estate brokers will provide a value opinion to lenders. Freddie Mac has their version, called Home Value Explorer (HVE).

These reports estimate property value without having a human go out to see the actual house. For example, CoreLogic provides more than one billion AVM reports monthly to lenders and other clients. The following are often used to determine value and loan-to-value ratio: Lenders use much more than the appraisal for their final judgment on a property value.Ĭommon Considerations in Determining Property Value Did your property receive an inaccurate appraised value? Were you low-balled? Did the appraiser neglect to take into account home improvements or neighborhood qualities? Was your home value unfairly dragged down by the empty, neglected, foreclosed property down the street? If so, I have good news for you.įor the first time, lenders are now required to disclose to you ALL the information they base their underwriting valuation on, including the appraisal report.