Property Valuation
What is 'as-is' value in appraisal and how does it differ from 'as-repaired' value?
AA. They are identical unless the property needs major renovation
BB. As-is value reflects the property's current condition; as-repaired value estimates value after specified improvements are completed—lenders use both for renovation loans✓ Correct
CC. As-is value includes all personal property; as-repaired excludes it
DD. As-is applies to vacant land; as-repaired applies to improved properties
Explanation
As-is value is the current market value in the property's present condition. As-repaired (or as-improved) value estimates what the property would be worth after specific renovations are completed. Renovation loan programs (FHA 203k, Fannie Mae HomeStyle) require both appraisals to determine lending amounts.
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