Appraisal

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The Real Estate Markets And Analysis
Real Estate Appraisal
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FLORIDA REAL ESTATE SALES ASSOCIATE COURSE

Types of mortgages

Section 41 of 72

The VA requires an appraisal to determine the value of the property, but in VA terminology, this document is called a Certificate of Reasonable Value (CRV) or Notice of Value (NOV). If the sale price of the home exceeds the amount established in the CRV, the veteran cannot finance the difference. They must either pay the difference in cash, renegotiate the price with the seller, or walk away from the transaction. The VA appraisal also includes a check for minimum property requirements (MPRs) to ensure the home is safe, sound, and sanitary.