Here is some information that I found useful from RISMEDIA on Appraisals.
It’s easy to get confused and frustrated during the appraisal process when buying or selling a home. Because of this, the Appraisal Institute recently released tips for consumers, providing guidance for homeowners and buyers seeking to ensure their sales are completed in a timely manner.
The Appraisal Institute’s tips encourage homeowners and buyers to:
• Understand the role of appraisals.
• Make sure their lender hires a qualified appraiser (such as a designated SRA, SRPA or MAI member of the Appraisal Institute).
• Accompany the appraiser during the inspection of the property, if possible.
• Request a copy of the appraisal report from the lender.
• Examine the appraisal report and ask questions.
• Appeal the appraisal if appropriate.
• Ask the lender to order a second appraisal by a qualified and designated appraiser.
• File legitimate complaints with appropriate state board or professional appraisal organizations.
Appraisals are especially important because they are an objective and unbiased source of information. Unlike others involved in real estate transactions, the appraiser is an independent professional who performs a service for a fee rather than for a commission.”
Normal declines in the real estate market have led to increased caution by lenders. That caution has led to delays in completing some real estate transactions.
Michele Muir White R(S), ABR, SFR
Coldwell Banker Island Properties
Wailea Gateway Office
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