Can you pick your own appraiser

Tom Horn blogs about the Birmingham, Alabama real estate market as well as current topics in the real estate appraisal appraisal field. Read More…. Mr Horn, I wanted to tell you that I appreciate the effort you spent on our appraisal.

It is not very easy to evaluate a country home that is older and probably not constructed with common building materials. Putting the report together took a little longer than we anticipat Birmingham Appraisal Blog "appraisal bloggin for your noggin". Can a Realtor give comps to an appraiser? February 11, By Tom Horn 4 Comments. If you want to help out the appraiser you may want to follow these criteria: Provide sales that are inferior AND superior to the subject property.

Clearing the air- A look at exactly what real estate agents and appraisers can talk about A helpful form for agents and sellers to provide to appraisers.

Comments Amber Curran says. July 17, at pm. Tom Horn says. July 18, at am. Ryan Lundquist says. February 12, at pm. February 16, at am. It is not dependent on the loan amount or by how much cash out a borrower is trying to get. The hope with this program is that it will help to stabilize the market prices of homes and eliminate more home being "under water" owing more than what they are worth.

In the past, some appraisers were influenced by a mortgage lender lender to get a certain value to make the loan go the exact way he customer wanted it. Or a Realtor would have an appraiser place the value a bit higher to get to the contract price, even if a home was not worth it. This allowed the home to be sold faster and with less objections.

Whatever the reason, it happened. Now the HVCC is trying to eliminate this from happening. By having the appraiser done by an appraiser that the Realtor and the Loan officer can't speak to, helps to ensure that the value is correct.

To make sure it is in the best interest of the borrower. HVCC has it's place, but the reality of it all is that it has just stuck a middle man inbetween the lender and the appraiser that bumps up costs and kills customer service.

We have also seen some appraisers hide behind HVCC and deliver bad appraisals and wont reconsider correcting mistakes. Over regulation was not the fix here.

What they should have done was fine a few appraisers, take away a few licenses and you would see how fast that industry policed itself! I remember those good old days. Instead, the lender hires an appraiser to evaluate a property for sale or under consideration for refinancing.

If you're refinancing your home, you'll pay for the appraisal, a cost that is typically charged at closing. When the mortgage is for the sale of a home, the person responsible for paying for the appraisal can be negotiated, so it can be either the buyer or the seller. The party who pays for the appraisal varies by contract and may depend on area trends.

Although the mortgage company is required to use the appraisal done by the appraiser that the management company hires, no laws prohibit hiring your own appraiser if you have the money to do so. It can serve as a second opinion for you and confirm that the mortgage company's appraiser was accurate in his assessment of the house.

However, hiring your own appraiser will cost you extra money and, even if your appraisal differs from the "official" appraisal, it won't affect your loan. If you pay for an appraisal in connection with a mortgage application and the sale falls through or for some reason the loan isn't granted, the appraisal can still be used within a short amount of time.

Appraisals have a short shelf-life, but usually lending institutions can use an appraisal that is days old or less.