Appraisal
An appraisal is a professional opinion of value prepared by a credentialed appraiser using recognized valuation approaches and market data. In residential sales with financing, the lender commonly requires an appraisal to support the loan's collateral value.
- Where it applies
- Generally, not specific to New York
- When it comes up
- Financing / Due Diligence
- Property types
- Residential Sales; some Mixed-Use
Read more in the Knowledge Base
- Appraisal Gap Mitigation - When the Bank's Value Doesn't Match the Contract PriceBuyers
- Managing Appraisal Risk Post-ContractSellers
- Preparing for Appraisal Risk Before ListingSellers
- Appraisal Gap Capacity AnalysisSellers
- Competitive Offer Structuring: Beyond Nominal PriceSellers
Related terms
Residential Sales Terms
- Agency Disclosure
- Attorney Review Period
- Best and Final Offer
- Earnest Money Deposit
- Mortgage Contingency
- Offer (Purchase Offer)
- Property Condition Disclosure Statement
- Transfer Taxes (NYS RETT, Mansion Tax, NYC RPTT)
General information, not legal, tax or financial advice.