Property Valuation
In Minnesota, an appraisal that considers the 'as completed' value is used for:
AProperties already fully developed
BNew construction or renovation loans where the lender needs to know the value when the project is finished✓ Correct
CAgricultural properties that have been fully cultivated
DProperties that are fully leased
Explanation
An 'as completed' (or 'as repaired') appraisal estimates the property's value when the proposed construction or renovation is completed. Lenders use this for construction loans and renovation mortgages (like FHA 203(k) or Fannie Mae HomeStyle loans) to determine the loan amount based on the projected finished value.
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