3An appraisal is an opinion o value. For estate planning, nancial planning, or saleprice decisions, individuals or a trusted advisor usually orders an appraisal. Whenan appraisal is used to obtain an opinion o value o a property or loan purposes,ederal regulation requires the lender or its agent to place an appraisal order. Thelender or its agent contacts a state licensed or certied appraiser and identies theproperty to be appraised and the intended use o the appraisal. The appraiser thendetermines the appropriate scope o work or the assignment.The appraiser’s scope o work typically includes the type o property inspection(interior, exterior only or none), what approaches to value are required, and anylender-specic requirements. In some cases, the lender may order the appraisalthrough an agent, such as an Appraisal Management Company (AMC).There is no single standard appraisal report orm, ormat, or style. However, orresidential mortgage lending, Fannie Mae (FNMA) and Freddie Mac (FHLMC),which are Government Sponsored Enterprises (GSEs) that purchase mortgageson the secondary market, have developed residential appraisal report orms thatare commonly used to communicate the appraisal o properties used as collateral.Regardless o the type o appraisal report used, all appraisal reports must containsucient inormation to enable the intended users to understand the report properly.
the process ofobtAininG the ApprAisAl