source:
  type: guide
  id: va-m26-7-ch11-t02
  authority: VA Lenders Handbook (VA Pamphlet 26-7), Chapter 11, Topic 2 — Market
    Value
  description: VA Lenders Handbook (VA Pamphlet 26-7), Chapter 11, Topic 2 — Market
    Value.
  coverage_tier: operative
obligations:
- id: va-m26-7-ch11-t02-full
  canonical_id: va-m26-7-ch11-t02-full
  section: VA Lenders Handbook (VA Pamphlet 26-7), Chapter 11, Topic 2 — Market Value
  type: do
  tags:
  - regulator-direct
  - va
  - va-handbook
  - corpus-expansion
  - tier-operative
  primary_source:
    tier: 1
    authority: VA Lenders Handbook (VA Pamphlet 26-7), Chapter 11, Topic 2 — Market
      Value
    source_class: va-handbook
    source_url: https://www.benefits.va.gov/warms/pam26_7.asp
    snapshot_id: faa7d8c84a0580f3
    fetched_at: '2026-05-23T01:53:53Z'
    content_hash: sha256:960cb068c0b142cd1bb4a0e38f29c6c5b725d24095781b92c663a83e9fd36263
    paragraph_quote: '2. Market Value Change Date February 22, 2019 • This Chapter
      has been revised in its entirety. a. Market Value Definition The appraiser must
      estimate the market value, as "the most probable price that a property should
      bring in a competitive and open market under all conditions requisite to a fair
      sale, the buyer and seller, each acting prudently, knowledgeably and assuming
      the price is not affected by undue stimulus.” VA considers reasonable value
      and market value to be synonymous. VA’s definition of market value is consistent
      with that used by Fannie Mae, Freddie Mac, and major appraisal organizations.
      b. Protecting the Interests of Veterans, Lenders, Servicers and VA The quality
      of the appraisal is critical in protecting the interests of Veterans, lenders,
      servicers, and VA. This fact requires VA to be integrally involved in its management
      and oversight of the appraisal process, from the initial assignment of the appraiser
      through the issuance of the Notice of Value (NOV), as well as oversight performed
      on closed loans. c. Oversight Any appraisal report is unacceptable if the analysis
      is not based upon recognized appraisal practices and was intended to "accommodate"
      or "meet" the sales price. VA Pamphlet 26-7, Revised Chapter 11: Appraisal Report
      11-5'
  judgment: false
