As-Is

An as-is appraisal reflects the current value of a property in its present condition, without any assumption that repairs or improvements will be made. It represents what the property is worth today, as it stands.

As-is value is the standard basis for most conventional purchase and refinance appraisals. It becomes particularly relevant when deferred maintenance or condition issues are present, as the value must support the loan amount without relying on future improvements. Renovation loan programs typically require both an as-is and a subject-to value conclusion.

Loan originators and reviewers should confirm which value basis applies before relying on the appraisal for underwriting decisions.