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.
Judy Nusser - Managing Broker The Real Estate Shoppe, Inc. Ph: 620-275-7421 - Fax: 620-275-6396
1135 College Drive, Suite E
Garden City, KS 67846 www.gccoldwellbanker.com