Common Myths about Apprasials in the Home-Buying Process
Information from rismedia.com
Myth 1: "A lender and an appraisal cannot communicate before, during, or after an appraisal is complete."
Myth 2: "Nothing can be done if the lender has concerns or questions regarding a completed appraisal."
Myth 3: "Lenders must use an Appraisal Management Company (AMC) to order an appraisal."
Myth 4: "AMC's are necessary to ensure the appraisers are not influenced by the lender."
Myth 5: "An appraiser is hired by the borrower"
Myth 6: "The money put into the home translates dollar for dollar into a higher appraisal."
Myth 7: "The appraiser sets the value of a home."
Myth 8: "Appraisers and home inspectors perform the same function."
Myth 9: "Real estate brokers are prohibited from communicating with appraisers."
Myth 10: "Nothing can be done if a real estate broker has concerns or questions regarding a completed appraisal."
Myth 11: "Appraiser request copies of the purchase agreement from brokers simply so they'll know how much to appraise the home for."
Myth 12: "Home builders are prohibited from communicating with the appraiser."
Myth 13: "Nothing can be done if the home builder has concerns or questions regarding a completed appraisal."
Myth 14: "Appraisers only rely on comparable sales and do not take into account the cost to build a home."
To read the FACTs behind the MYTHs about appraisals please click here.
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