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Certificate Of Reasonable Value (CRV)
The certificate of reasonable value (CRV) is a document issued by the Department of Veteran Affairs to endorse an appraised value of a property financed with a VA loan.
This serves as a prerequisite for closing the loan as it states the maximum property value of the house in question.
When a request is submitted to VA, the administration randomly appoints an appraiser to appraise the property.
While this random appointment of appraiser is to prevent fraud, the borrower required to pay a fee that’s usually between $300 to 400.
After the appraisal report is submitted to VA, the certificate of reasonable value is issues to the borrower.
The document can then be used for closing.
The amount stated in the CRV should be equal to, to greater than the transaction price of the property for things to proceed.