appraisal: What's Your Opinion? Who's wrong here?
- 06/05/08 05:20 AM
I recently heard a case in which I personally believe an appraiser is being overly picky and troublesome. Here's the scenario, and I'd like to hear your opinion on this.... Purchase of townhome between two people that know each other in a FSBO transaction with FHA financing. In the initial appraisal, the appraiser marked the property type as detached, when in fact it was attached. (small technicality that must be corrected.) The appraiser also noted some tile in the bathroom floor as cracked. While it was not coming up, it was cracked, located at the entry door to the bathroom. The buyer is ok … (8 comments)
appraisal: The Purpose of an Appraisal
- 11/20/07 02:35 PM
When applying for a mortgage loan, one of the major considerations is the value of the home. After all, a lender will not want to lend more money on a home than it is worth. So to establish its value, a licensed appraiser will be normally required to perform an appraisal of the property. Typically, an appraiser will visit and inspect the property, take measurements and photos and then do research on similar homes in the area. What the appraiser is looking for are fairly recent sales of similar properties within a close proximity to your home (known as the "subject" property.) These … (0 comments)
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The articles, reviews and stories written and published on this website are simply the opinions of Ed Nailor. While Ed Nailor has professional experience as a mortgage loan officer, the information posted on this website should not be taken as personal counsel or an endorsement of anything. For mortgage related counsel or advice to be meaningful and effective, one must sit down one on one with a professional to discuss the particulars of their situation. Ed Nailor can not be held liable for any decisions you make as a result of what you might read or infer on this website. Proud supporter of the Right to Free Speech.
I recently heard a case in which I personally believe an appraiser is being overly picky and troublesome. Here's the scenario, and I'd like to hear your opinion on this....
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