Making it your choice as to who to use as the appraiser.

By
Real Estate Broker/Owner with AMG Executive Realty 01103109

Making it your choice as to who to use as the appraiser.

Making it your choice as to who to use as the appraiser is not that difficult and most of us don't even think that we have a say, in the matter.  But the reality is that we can make the request when placing an offer on buying a home within the purchase agreement.  Why is this important?Making it your choice as to who to use as the appraiser.  Because most appraiser are scheduled through the mortgage company who uses a contracting company to get an appraiser to go out and look at the property where they might be coming from a different county or as far as 100 miles away from the property.  Some of these appraiser don't know the area, comps, HOA, short sale, foreclosures, pocket listings or land developments.  This effects the value of the property you are trying to purchase by having the values not come in correctly.

By making it your choice as to who to use as the appraiser it is as simple as adding a statement in the purchase agreement such as;  buyer must use an appraiser in the same county of the property or appraiser must reside in the same county as the property. Making it your choice as to who to use as the appraiser.




I've had my share of transaction not appraise correctly, particularly when it comes to FHA loans.  Now, making it your choice as to who to use as the appraiser will help the appraiser because they have the knowledge of the area, aware of the transitioning of different neighborhoods, they are better informed about properties that are short sales & the foreclosure markets within the community.  It is so important to represent the values correctly because lender ultimately going to decide whether there will be a loan or not. 
Making it your choice as to who to use as the appraiser.

Let me know if I can help in the Sacramento, Placer & El Dorado County for any of your real estate needs.

Call today Adele Galus, Capitol Crown Real Estate @916-203-8898
Making it your choice as to who to use as the appraiser.

 

 

Comments (2)

Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

I've not seen a buyer that has a choice of appraiser in the last 2 years and the appraiser doesn't get a copy of the sales contract so how would they know about the statement in the contract?

Feb 06, 2012 02:08 PM
Anonymous
Adele Galus

Hi Cindy,

The lender receives the contract and he/she is the person that will inform the contracting company of the request.  The lenders are just as fustrated as everyone else that the values fall short due to out of area appraisers especially in my area which is the Sacramento region.  We have been hit extremely hard with the short sale & foreclosure market.

Also, the local appraisers are trilled to have this statement noted in the contract. 

This is a start for change and we can't afford to lose deals because of AMC just picking at random an appraiser.

Thanks, Adele

 

Feb 07, 2012 04:56 AM
#2