Although you aren’t a key player in an appraisal, here are a few reminders of how the appraisal process works and your options for participating in it.
The Appraiser Works for the Mortgage Lender
The lender may order the appraisal either directly from an appraiser or through an appraisal management company that coordinates the process on behalf of the lender.
You Can Talk to the Appraiser
Real estate agents are allowed to communicate with the appraiser since you have an interest in the real estate transaction. You can also be at the property when the appraiser is there and answer her questions. Even so, give the appraiser space to do her job.
You Can Provide Documents to the Appraiser
Documents such as plats, surveys, deeds, covenants, neighborhood details, and comparable sales are all relevant items the appraiser may be able to use.
What to do With Your Concerns About the Appraisal Report
Appraisers cannot discuss their reports with anyone but their client—the mortgage lender—and anyone the lender designates to receive the information. Contact the lender in writing if you think there are errors in the report or if you want the appraiser to consider additional information.
What to do With Your Concerns About the Appraiser
Like real estate agents, appraisers are required to be competent in the geographic area in which they work. If you think the appraiser isn’t competent to appraise property in your area, contact the appraiser’s client—the lender who ordered the appraisal—and share your concerns. You can also contact the Texas Appraiser Licensing and Certification Board, which enforces the rules and laws appraisers must follow.
I do agree that it’s a great way to get something going, but in reality, it doesn’t even have to be so great. If I were a small business I would never work with the dev world unless I had an easy way of getting it out but I see that Broward appraiser has good selling skills.
How do I find out who my appraiser was? Our lender is telling my husband and I that she could lose her licenses if she told us. We are trying to find out because the appraisal was done over a weekand half ago and still haven’t received it. We are being told by the lender the appraiser won’t be able to get the report to them for another week. What is our rights here.
She could lose her job for NOT providing you with the appraisal, but I’m not sure she has to tell you who the APPRAISER was. Not that she even has to because the appraiser’s name and company will be on the appraisal report anyway.
http://www.consumerfinance.gov/rules-policy/regulations/1002/14/
If you are purchasing a home with a realtor, he/she should have advised you of your right to terminate the contract contingent on the home meeting the appraised value. Your realtor should be fighting for you to get your appraisal in this scenario.
Joesph, The biggest thing considering what an appraiser does is ” an Independent ” value from someone that does not have an interest in the outcome of the transaction. There are strong laws against interfering with Federal Laws of real estate appraisal independence.
Charlotte. Appraisers are extremely busy during this busy time with many purchases and refinancing going on. May I suggest the best thing to do enough though it is not easy is to relax. some appraisers are booked up for a month in advance.
Some of this information is incorrect. According to USPAP, which are standards for appraisers, an appraiser cannot talk to an agent or borrower. The lender or 3rd party ordering the appraisal is the client and that is who they communicate with. Sometimes appraisers do ask agents for comps that might not be in the MLS but under no circumstances can an agent talk to an appraiser about outcome, value or info in appraisal.
You said it yourself. “ but under no circumstances can an agent talk to an appraiser about outcome, value or info in appraisal.” Correct in these specific areas….. But an agent is allowed to talk to the appraiser about facts of the home, sales in the area, basements, bedrooms,. Baths, the area, etc. Appraisers need to gather info. Who better to get info from than the agents if needed. I as an appraiser speak to agents and more all the time. Just not about assignment results.
I have had to submit to extending the close date on the sell of my property because the my real estate agent is stating the buyers lender cannot get an appraisal in my area. How much truth is in that statement? I feel like I am being bamboozeled.