With home buying comes the incorporation of an appraiser and the feedback can be disappointing or surprising. Regardless, there might need to be a contractual renegotiation if it’s warranted. You can also ask you lender for your appraisers qualifications. You have a right to know what if the bank uses specific appraisers or an appraisal management company.
The article below states that the best way to combat potential problems is to make sure that the appraiser is “highly qualified and competent.” Contrary to popular belief, appraisers are open to information that helps them make their assessment easier and more valid. Consumers can accompany the appraiser and provide important information as the inspection is being conducted.
Furthermore, buyers should exercise their right to obtain the appraiser’s report. Even though it’s used by the lenders the buyers can get a copy of the report no later than three days before the loan closes. There are potential deficiencies that can arise in an appraiser’s report so please review the article and view the list of questions consumers should ask themselves.
Whatever the outcome, if you feel that the initial appraisal doesn’t reflect the value you believe your home to be, it’s quite alright to ask for a second appraiser.
Get smart and take control, by reading the article below.
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