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:-
** For Real Estate agents go to www.realtor.org/appraisal and sign in, you will find the same information there in a brochure.
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