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FAQ’s about Appraisals for Home Buyers.

Reblogger
Real Estate Agent with Nesbitt Realty at Condo Alexandria 0225-089134

Frequently asked questions about appraisals for home buyers, is an interesting article that potential shoppers might find helpful. For more specific information about appraisals, continue reading below.

Original content by David Popoff Ct RE Broker 0789963

FAQ’s about Appraisals for Home Buyers.

RISMedia article on “Common Myths about Appraisals in the Home-Buying Process” answers many of the day to day questions Realtors answer about the appraisal process. Here are some of the key points covered in the article.

Lenders are not permitted to communicate with the appraiser.

  • False ~ Lender must communicate with the appraiser and in essence provide appropriate information such as the intended of use of the appraisal, the scope of the work necessary for credible assignment results and more.

An appraiser is hired by the borrower.

  • False ~ Even though the borrower may pay for the appraisal, the appraiser is hired by the lender and the report goes to them. Majority of the time the lender may forward a copy to the borrower. Of course besides applying for a loan a home owner may order an appraisal on their own to determine current market value, for tax purposes or many other reasons.

Real estate brokers are prohibited from communicating with appraisers.

  • False ~ Brokers are permitted to communicate with the appraiser and provide additional information as long as it is not intended to unduly influence the outcome of the appraisal. Providing relevant information such as terms of sale, local comps, green features  and home improvements can assist the appraiser in his/hers opinion of value.

What if there are questions or concerns regarding the complete appraisal?

  • If there are concerns or questions regarding the appraisal then there are steps to take for Realtors, Builders, Lenders, Buyers & Sellers can address such issues by placing a request to the appraiser to provide further details to their conclusion.

 

To read the full articles by RISMedia go to:-
http://rismedia.com/2014-03-18/common-myths-about-appraisals-in-the-home-buying-process/

 

For more information regarding home buying and selling in Fairfield County contact DMK Real Estate in Darien, CT. DMK Real Estate & Property Management is a full service license Connecticut Real Estate Broker firm that serves lower Fairfield County. With lower overhead costs DMK Realty can fulfill buyers and sellers needs locally and on the internet at lower costs compared to the larger national brands.

 

 

 

 

 

 

 

 

 

DMK Property Management, Darien, Ct.

 

David A. Popoff ~ Licensed Connecticut Realtor ~ LEED AP Homes accredited ~ Cell (203) 228-0646 ~

 ~ www.DMKrealestate.com ~ DavidPopoffCt@Hotmail.com ~ http://davidpopoffct.wordpress.com/ ~

 

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Comments (1)

David Popoff
DMK Real Estate - Darien, CT
Realtor®,SRS, Green ~ Fairfield County, Ct

Will thanks for the re-blog, these are such common questions that all Realtor's should know, if you go to http://www.realtor.org/appraisal and sign in they have the same information.

Mar 31, 2014 01:40 AM