Appraiser
A state-licensed or certified professional who estimates property values. For mortgages, the lender orders the appraisal so the appraiser stays independent of the buyer and seller.
Also called: licensed appraiser, certified appraiser
Related terms
A licensed appraiser's professional opinion of what a home is worth. Lenders require one to make sure the home supports the loan amount.
The value the appraiser puts on the home in the report. Lenders base the loan on the lower of this number and the purchase price.
The person who performs a home inspection and writes the report. Licensing requirements vary by state.
A formal request, made through the lender, asking the appraiser to review the value using better comps or corrected facts. It does not guarantee a change.