Who owns the appraisal?

In almost every case the appraisal is owned by your mortgage company, even though you may have paid for it. This is because your mortgage company orders the appraisal on your behalf, and the appraiser lists that mortgage company on the appraisal report. Even though the mortgage company owns the appraisal, you have the right to receive a copy. It is at the mortgage company's discretion whether to give you the original appraisal. What if I decide to use another mortgage company after the appraisal has been completed?

This does not necessarily mean you will have to pay for another appraisal. Your first lender can transfer the appraisal to your new lender. Some appraisal firms may charge a small fee, however, because there is cleric... Click Here to Read More!

Don’t Rely Excessively On Appraisals

Getting an appraisal on a home is a fundamental aspect of making a purchase. While appraisals are certainly helpful, you should not put too much stock in them.

Don’t Rely Excessively On Appraisals

An appraisal is a valuation of a property by an independent appraiser. The appraiser does an evaluation of the home, considers the home in comparison to others of comparable type and so on. Once completed, the appraiser then issues a written appraisal value of the home. Many homebuyers make the assumption the appraisal is the true value of the home both now and in the future. This can be a dangerous assumption.

First, appraisals are limited by something known as a moment in time. The appraisal done today, may not be enti... Click Here to Read More!

Why is an appraisal required?

An appraisal is an estimate of the value of a property. An estimate of the value of the property generally refers to its fair market value. The purpose and use of appraisals include transfer of ownership, financing and credit, taxation, condemnation, insurance and many others.An appraiser is typically a state-licensed individual trained to render expert opinions concerning property values.

Authorized by Congress, The Appraisal Foundation sets minimum standards for licensed appraisers. The Foundation is the parent organization of the Appraiser Qualifications Board (AQB). States are required to implement appraiser certification requirements which are at least as rigorous as those issued by the AQB.Certified General Appraiser and Cer... Click Here to Read More!

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