Residential Appraisal Process
- What is a residential appraisal process?
A process during which the appraiser will follow the set procedure in order to determine the value of the property.
- Is the homebuyer entitled to a copy of the appraisal?
Yes. Under the Equal Credit Opportunity Act (ECOA), the homebuyer is entitled to a free copy of any written documents regarding valuations of the property, whether the credit is withdrawn, incomplete, denied, or extended.
- What information do I need to give to the appraiser?
You should have a package prepared in advance while working with an appraiser, ready to pass it on to the appraiser at the property. This package should contain all the relevant details, possibly including deeds, surveys, plats, floor plans, HOA documents, covenants, inspection reports, “green” energy-efficient property features, and so on. After handing the appraiser’s package, be ready to answer all the questions that the appraiser may have, then let the appraiser inspect the property without interfering.
- Am I allowed to speak with the appraiser?
Yes. Anyone with interest in an ongoing transaction can speak to the appraiser. An agent can share the relevant information with the appraiser. The appraiser cannot share any confidential information. Agents or other parties with interest in an ongoing transaction cannot bribe or intimidate the appraiser.
- What should I do if I believe that the appraisal value is incorrect?
The appraiser cannot speak to anyone other than his client, or parties working on the behalf of his client after the appraisal process is completed. In this case you will need to contact the appraiser’s client specifically in writing.
- Why are some appraisers also working outside of the geographic area where they live?
Some appraisers are also competent outside of the area where their place of residence is located. This gives them the right to work in those areas as well. If you believe that an appraiser is unqualified for work in a specific area, you can approach the appraiser’s client with this issue.
- How do the buyer’s means of financing influence the residential appraisal process?
While the appraiser works under the regulations issued by the Uniform Standards of Professional Appraisal Practice (USPAP), the appraiser must also comply with any specific wishes of his client (typically a mortgage lender). For example, a mortgage lender may request that the property comes with the specified property requirements.
- How much time will the residential appraisal process take before it is completed?
The time it will take for the appraiser to submit the report will be different depending on the assignment and its complexity.
- What can I do to make sure that my client is ready for the appraisal process?
Before the appraiser arrives at the property, explain the appraisal process to your client. Before selling the property and moving with the help of reliable moving professionals from azmovingpros.com, your client should be aware of all the relevant details regarding the appraisal process, including the fact that the appraiser will provide an objective report on the property’s value, which may differ from the actual sales price of the said property.
- Which party orders the appraisal process?
The appraisal process begins when the appraiser’s client (typically a mortgage lender) hires the appraiser to compile a report on the property’s value. While some lenders will directly hire the appraiser, others will order the appraisal from an appraisal management company (MCA), who will then pass on the assignment to the appropriate appraiser.
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