Although the main role of an Appraiser is to render an opinion of value for the "subject property" being appraised, the Appraiser will always "call out" the following 2 items if they are in violation of safety codes. These 2 items are as follows:
- Carbon Monoxide Smoke Detector - a minimum of 1 per floor/level/story of the home)
- Water Heater double-strapped in a workmanlike (i.e. "to code") manner
Not only will the Appraiser proactively look for the above 2 items, but he/she will also make a point to include photographs of them in the actual appraisal...every time.
This protocol is also followed with Tankless Water Heaters
If the Appraiser sees a violation in either/both of the above, they will "call out" these deficiencies in a manner similar to a Police Offer issuing a "fix it ticket." The Mortgage Lender will then require the Appraiser to visit the property a second time to sign-off on the issue(s) that was/were fixed. Typically, the Appraiser will charge roughly $150.00 extra fees for the 2nd visit (which is a cost often absorbed by the Borrower).
Let's be proactive Folks...have these items ready BEFORE the Appraiser visits the property. If you are a Listing Agent, these items should be on your pre-listing checklist. This simple step will reduce Buyer/Borrower costs, and speed up the escrow process.
For additional information, please do not hesitate to contact me. Thank you for reading...!