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.
Buyers and sellers often find that the lending institution they are working with are not willing to ask for a second appraisal nor appeal the appraisal let alone assist in filing legitimate complaints with appropriate state board or professional appraisal organizations siting the reason as that ” it will simply hold up the loan process further”.
I look forward to the article from the Appraisal Institute that will address these issues.