Once the home appraisal is complete, the appraiser completes a formal appraisal report with their analysis of your home’s fair market value. You’ll receive a free copy of the appraisal report at least three days before your loan closes. Your lender receives a copy as well. In addition to your home’s value, the report includes details on the condition of your property, street maps, photographs and information on the market valuation and comparable properties. If you’re purchasing new construction, the appraisal will be based on similar, existing area homes, as well as home building documents and plot plans. Speaking of comparable properties, ideally, the value will coincide with the home’s proposed sales price, but read on for what to do if this isn’t the case.