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A Guide to understAndinG A residentiAl ApprAisAl Dear Consumer,The purpose of this brochure is to help you understand the residential appraisal. After reviewing this brochure, you will understand the definition of a credible appraisal, the appraisal process, elements of a credible appraisal, the importance of appraiser independence, and how to proceed if you feel that a correction needs to be made to your appraisal report.You may have recently entered into an agreement to purchase a residential property or you may have completed a loan application to refinance your home. Lenders are required to obtain an appraisal, prepared by an impartial and unbiased appraiser, and use it as the primary tool for assessing the sufficiency of your collateral. You may want to retain an appraiser to provide an appraisal to help you make decisions such as buying, selling or financing your home. This brochure was produced by The Appraisal Foundation. The Appraisal Foundation is authorized by Congress as th...