Last updated: November 5, 2026
Short answer: A home appraisal report in Avondale, AZ, is the appraiser's opinion of the home's market value for your lender. Read the property details, the condition and quality ratings, the comparable sales and adjustments, then the final value. Your lender must give you a free copy at least three business days before closing, unless you waive that timing.
Key takeaways
- The appraisal is for your lender. It's an opinion of value, not a home inspection.
- Under Regulation B, you get a copy at no charge, promptly or at least three business days before closing, unless you waive the timing.
- For loans sold to Fannie Mae or Freddie Mac, a redesigned appraisal report became required on November 2, 2026, with some lenders allowed extra time.
- If you see an error, you can ask your lender for a reconsideration of value before closing.
Want to talk it through? Book a time to chat with me (30 minutes, 9 AM–7 PM Arizona time).
¡Qué tal! I'm Rosie Armenta. The appraisal report lands in your inbox, it's many pages long, and the only number anyone looks at is the value on the last page. But the pages before it tell you how the appraiser got there, and that's where you'll spot a mistake if there is one. Here's how to read it.
What is a home appraisal, and who is it for?
When you get a mortgage, your lender orders an appraisal from a licensed or certified appraiser. It's the appraiser's opinion of the home's market value, and the lender uses it to decide how much it can lend against the home. Fannie Mae's appraisal FAQ says the report's purpose is for the intended user to evaluate the property for a mortgage.
Federal rules protect the appraiser's independence. Regulation Z (12 CFR 1026.42) says no one in the transaction may try to influence the value through coercion, bribery, pressure or similar means. That includes me, the seller and the lender.
Do I have a right to see the appraisal report?
Yes. Under Regulation B (12 CFR 1002.14), for a loan secured by a first lien on a home:
- The lender must tell you about your right to a copy within three business days after your application.
- The lender must give you a copy of every appraisal promptly after it's done, or at least three business days before closing, whichever comes first.
- You can waive the timing and get it at or before closing instead, but you don't have to.
- The lender can't charge you for the copy, though it can charge a reasonable fee for the appraisal itself.
The rule applies even if your loan is denied or you withdraw. Ask your lender when they expect the report, so you have time to read it.
What's new about appraisal reports in 2026?
Fannie Mae and Freddie Mac redesigned the main appraisal report, called the Uniform Residential Appraisal Report (URAR). Fannie Mae's FAQ says the new format (UAD 3.6) is required for new appraisal reports submitted on or after November 2, 2026, and it replaces older forms such as the 1004. Fannie Mae says the new report has a look and feel similar to the loan application and the Closing Disclosure.
Fannie Mae's Lender Letter LL-2026-08 lets lenders that weren't ready request a temporary exception and keep using the older format through May 19, 2027. So depending on your lender, your report may look new or old. The parts below appear in both.
What are the main parts of an appraisal report?
| Part of the report | What it tells you | What to check |
|---|---|---|
| Subject property | Address, legal description, owner, loan type | Address and parcel number are right |
| Site | Lot size, zoning, utilities, easements | Lot size and utilities match what you know |
| Improvements | Year built, square footage, rooms, upgrades | Bedrooms, bathrooms and square footage |
| Condition and quality | Ratings of the home's condition and build quality | Ratings fit what you saw on your tour |
| Sales comparison | Recent nearby sales (comparables) and adjustments | Comparables are similar homes, adjustments make sense |
| Reconciliation | The appraiser's final opinion of value | The value and the effective date |
Fannie Mae's FAQ says the condition and quality rating scale didn't change in the new report, but the definitions were rewritten to make the ratings easier to tell apart.
How do comparable sales and adjustments work?
The appraiser picks recent sales of similar homes, called comparables or "comps," then adjusts each one for differences. If a comp has a pool and your home doesn't, the appraiser subtracts something from that comp's price. If your home has an extra bedroom, the appraiser adds to the comp. After the adjustments, the comps point toward a value for your home.
Here's a made-up example of how one comp's adjustments read.
Example only: made-up round numbers, not real Avondale prices.
| Example only | Amount |
|---|---|
| Comparable sale price | $400,000 |
| Comp has a pool, the home you're buying doesn't | −$10,000 |
| Home you're buying has a third garage bay | +$5,000 |
| Adjusted price of this comp | $395,000 |
Look for comps that are close by, sold recently and are similar in size and style. Big adjustments, or comps that look very different from your home, are worth a question.
What if I find a mistake in the appraisal?
First, tell your lender, not the appraiser. Fannie Mae's Selling Guide (B4-1.3-12) says lenders must have a process for a borrower-initiated reconsideration of value (ROV):
- You get a disclosure about the ROV process when the lender gives you the report.
- You can request one ROV per appraisal.
- You explain what's unsupported, wrong or deficient, and can add up to five other comparable sales with their sources.
- An ROV can also be used if you believe the appraisal reflects prohibited discrimination.
- You can't request an ROV after closing.
Simple factual errors, like the wrong number of bedrooms, are often the easiest to fix. I can help you pull recent sales to share with your lender. Your lender's own rules may add steps, so ask them for their ROV disclosure.
What happens if the appraisal comes in below the price?
A low appraisal can leave a gap between the price and the value your lender uses for the loan. Buyers and sellers often talk about a price change, the buyer covering the gap, or a mix. Your contract sets your options and deadlines, so read that section with me before you decide.
How do I read my appraisal report, step by step?
- Ask when it's coming. Confirm you'll get it at least three business days before closing.
- Check the basics. Address, parcel number, lot size, year built, rooms and square footage.
- Read the condition and quality ratings. Compare them with what you saw.
- Study the comparables. Look at distance, sale dates, size and the adjustments.
- Read the final value and date. Note the effective date of the appraisal.
- Report errors to your lender. Ask for their reconsideration of value process if something's wrong.
My posts on FHA or conventional loans and prequalification vs. preapproval explain the loan steps that come before the appraisal.
Send this to someone who's waiting on an appraisal right now.
Related questions I get a lot: what closing costs to expect when buying in Arizona and what my Avondale home is worth in 2026.
Waiting on an appraisal and want a second set of eyes? Book a time to chat with me (30 minutes, 9 AM–7 PM Arizona time), or call or text me at 623-295-5770.
Frequently Asked Questions
Can I get a copy of my home appraisal?
Yes. Under Regulation B, your lender must give you a copy of each appraisal for a first-lien home loan at no charge, promptly or at least three business days before closing.
Is an appraisal the same as a home inspection?
No. An appraisal is an opinion of market value for the lender. A home inspection looks at the home's condition for you. Many buyers get both.
Who orders the appraisal when I buy a home?
Your lender orders it. Federal rules say no one may pressure the appraiser to reach a certain value.
What are comparables in an appraisal?
Comparables, or comps, are recent sales of similar nearby homes. The appraiser adjusts each one for differences to help estimate your home's value.
What is the new appraisal report format in 2026?
Fannie Mae and Freddie Mac redesigned the Uniform Residential Appraisal Report. The new format is required for new reports submitted on or after November 2, 2026, with a temporary exception for some lenders.
Can I dispute a home appraisal?
You can ask your lender for a reconsideration of value before closing. For Fannie Mae loans, you get one borrower-initiated request per appraisal and can add up to five comparable sales.
What happens if the appraisal is lower than the price?
The buyer and seller often talk about a price change, the buyer covering the gap, or a mix. Your contract sets your options and deadlines.
Do I pay for the appraisal copy?
No. The lender can't charge for the copy, but it can charge a reasonable fee for the appraisal itself.
I'm a real estate agent, not an appraiser or a lender. I can't change an appraisal or tell you what value a lender will accept. Please talk with your lender about your appraisal and its reconsideration of value process.
This article is general information, not legal, tax, or financial advice. Please talk with a licensed attorney, CPA, or lender about your situation.
About the author
Rosie Armenta | West USA Realty. Avondale (85392) is her home base, and she helps buyers and sellers across the West Valley in English and Spanish. Book a time to chat with me (30 minutes), or call or text 623-295-5770. Selling? Get a home value report.
Rosie Armenta | West USA Realty | Equal Housing Opportunity
Information was checked on November 5, 2026, from Regulation B (12 CFR 1002.14) and Regulation Z (12 CFR 1026.42) on the CFPB website, Fannie Mae's UAD 3.6 Frequently Asked Questions, Fannie Mae Lender Letter LL-2026-08 and Fannie Mae Selling Guide B4-1.3-12. Loan and appraisal rules change, so please confirm current requirements with your lender.