Appraisal Education
Uniform Residential Appraisal Report (Form 1004), Appraisal Waivers & ROVs
Quick Answer (BLUF): Licensed residential appraisers complete Form 1004 by adjusting three to six recent closed comparable sales for square footage, condition (C1–C6), and location. If an appraisal comes in below contract price, buyers can submit a data-backed Reconsideration of Value (ROV).
Visual Cost & Payment Breakdown · Home Appraisal & Valuation Guide
Know this
An appraisal is an independent opinion of a home's value that the lender uses to decide how much it will lend. You have a right to a free copy of appraisals for a first-lien mortgage. If the value seems wrong, you can ask the lender for a reconsideration of value with specific evidence, and if it is low on a purchase you can renegotiate, bring more cash or walk away under your contract.
Last reviewed against the primary sources listed below.
ToolROV worksheetOrganize your evidence.Chapter 1How appraisals workWho orders them and what they check.Chapter 2Your right to a copyWhen and how.Chapter 3It came in lowYour options.Chapter 4Reconsideration of valueHow to ask.Chapter 5WaiversWhen no appraisal is done.Chapter 6Bias concernsWhere to raise them.New guideHow comparables are chosenWhat makes a sale a good comparable and why appraisers adjust for diff.New guideHow long it lastsWhy lenders limit how old an appraisal can be and what happens if your.GlossaryKey termsPlain definitions with sources.GuidePreparingPractical steps owners can take before the appraiser visits.GuideAppraisal vs inspectionWhy these two visits answer different questions.PrintableLender questionsQuestions to bring to any lender, ready to print.
What this site will not do
We do not estimate what your home is worth. Online estimates are not appraisals; for a lender's decision, only the appraisal or other valuation it uses counts.