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Estimated Property Value
The value of a property obtained through any other means other than the value established by a licensed, professional and lender accredited appraiser, based on market conditions at a given point in time, for a specific lender, for mortgage finance purposes. The estimated value of a property is often called an opinion of value and this can be done by a realtor, the MPAC statement, Purview reports etc. Although a lender might start the mortgage process based on the subject property’s estimated value, the actual appraised value of the property will determine whether a lender will lend on a property or not and the final mortgage amount.