What is an appraisal report and what information does it contain?

An appraisal report is a written document stating the appraiser's opinion of how much a property is worth. It typically includes a description of the property and its locale, an analysis of the property's highest and best use, an analysis of sales of comparable properties, and information on current real estate activity and market trends. When a lender orders the appraisal, the borrower is entitled to a free copy no later than three days before closing.