Lender's
Appraisals:
Your Buyers
lending institution will contract an appraiser
to to appraise the value of your home. They
want to be sure of the value of the home before
extending the loan. If something goes wrong,
they need to regain their loan value.
How to get an
accurate appraisal of a residential property.
- Put the home in model home condition
before the appraiser arrives.
- Hand the appraiser a list of the home’s
special features, especially those that add
market value. Also, provide the appraiser with
suitable comparable properties.
- Always accompany the appraiser to
facilitate the inspection and answer the
appraiser’s questions. Don’t hesitate to point
out special features.
- Insist that the lender provide the
borrower with an appraisal copy, although
technically the appraisal belongs to the
mortgage lender who hired the appraiser.
- If the appraisal comes in low, promptly
request a review appraisal by another appraiser
(to be paid for by the lender).
Source: Inman News, Robert
Bruss (05/19/2006) |