Mortgage appraisals in Hampton Roads
The value behind the loan deserves an independent look.
A mortgage appraisal gives a lender a supported opinion of a home’s market value. It also gives buyers and homeowners a useful view of the property and the sales behind that conclusion.
Start with your lender. For a mortgage transaction, ask who will order the valuation and what type of report the loan requires.
Find your route
Why is the property being appraised?
A lender may need a valuation when a property secures a new or revised loan. The lender decides its requirements; these common situations explain where to start.
The distinction that saves a second order
Who orders a mortgage appraisal?
For a lender’s loan file, the lender or its authorized appraisal management process controls the order and the required scope. Paying for an appraisal yourself does not mean your lender can use that report.
If you are buying or refinancing, ask your lender what valuation it needs before hiring anyone. If you want an independent value opinion for your own decision, ask Joe about a separate private appraisal and tell him its intended use.
Lenders and AMCs with residential assignments in our service area can contact Capital Valuations about coverage, property type, and reporting requirements. Read Fannie Mae’s appraiser independence requirements.
From order to report
What happens during the appraisal?
Specific inspection and reporting requirements depend on the assignment. This is the general path for an appraisal that the lender orders.
Order & scope
The lender or AMC engages the appraiser and sets the authorized assignment requirements.
Property facts
The appraiser obtains available property information and inspects as the assignment calls for.
Sales analysis
Relevant comparable sales and market conditions are analyzed, with differences considered and explained.
Report & review
The appraiser delivers the report to the client; the lender reviews it and makes the lending decision.
Read the evidence, not just the number
What does the appraisal report cover?
An appraisal is an opinion of value as of an effective date, supported by an analysis appropriate to the property and assignment. A residential mortgage report commonly describes the home, its location and condition, the selected sales, relevant differences, and the appraiser’s reconciliation.
- Market evidence: Which sales help explain what buyers paid for comparable homes? Read more about how appraisers use comparable properties.
- Property details: Are the reported size, features, and condition consistent with what the appraiser observed and verified?
- Scope: What inspection and research did this particular assignment require?
The appraiser’s value opinion is separate from the loan approval, interest rate, inspection, and purchase contract.
A useful homeowner checklist
Prepare information, then let the evidence speak.
You can help the inspection run smoothly and make relevant facts easy to verify. A tidy room alone does not set market value.
Before the visit
- Arrange access to the home and relevant areas; secure pets.
- List completed improvements with dates, permits if applicable, and supporting documents.
- Point out known features or recent work that public records might miss.
- Tell the appraiser about any access limits or unfinished work.
During and after
- Answer factual questions about the property; let the appraiser make independent judgments.
- Share relevant documents or sales information through the appropriate channel.
- For lender work, direct questions about timing, fees, or report delivery to your lender or AMC.
- Read your copy of the report and flag verifiable errors promptly.
Value and financing are related, but they are different decisions. The appraiser develops an independent opinion of property value. Your lender determines whether a loan meets its underwriting rules, including what type of valuation it will accept. For a separate review of an existing report, see appraisal review services.
When something looks wrong
What if I disagree with the value?
A difference between the contract price, an online estimate, and an appraisal does not by itself establish an error. Start with facts the lender can evaluate.
- Read the complete report, including the effective date and comparable sales.
- Identify specific errors or relevant sales the appraiser may not have considered; include documentation.
- Submit your concern to the lender and ask about its reconsideration of value process. Do not pressure the appraiser to reach a target number.
For a purchase, also speak with your agent and lender about contract and loan options. The Fannie Mae ROV guidance explains the lender’s structured review process.
Straight answers
Mortgage appraisal questions
Can I choose the appraiser for my mortgage?
Ask your lender about its ordering process. Lender appraisals must meet applicable independence and loan requirements; hiring an appraiser directly for yourself does not make that report acceptable to the lender.
Does every mortgage loan require an in-person appraisal?
No. The lender decides the valuation route under its program and loan requirements. Depending on the transaction, that could involve an appraisal with a particular inspection scope or another eligible valuation option.
Is the appraised value the amount the bank will lend?
No. Value is one factor in the lender’s decision. Loan-to-value limits, credit, income, program rules, and other underwriting requirements are separate.
Can I give the appraiser my renovation list?
Yes. A dated list of completed work and relevant documentation can help the appraiser verify what changed. The market evidence determines whether and how those improvements affect value.
What if the appraisal comes in below the purchase price?
Review the report for factual issues, ask your lender about reconsideration of value, and discuss contract and financing choices with your agent or attorney. See our buyer’s purchase appraisal guide.
Does a mortgage appraisal replace a home inspection?
No. A home inspector investigates physical condition for the buyer; an appraiser develops a value opinion for the assignment. The CFPB explains why buyers should arrange an inspection.
Keep exploring
Find the appraisal help that fits your situation.
Local market coverage
Serving Hampton Roads and the Peninsula.
Property location matters when choosing relevant sales. Explore our local appraisal pages:
Watch
Mortgage appraisal video
The video from the original Capital Valuations mortgage appraisal page.
The right assignment starts with the right question
Tell Joe who needs the appraisal and why.
If you are a lender or AMC, include the property address, loan purpose, requested scope, and deadline. If you are a homeowner, confirm your lender’s requirements first; Joe can discuss a separate appraisal for your own use if that is what you need.
