office: (760) 470-0225
fax: (760) 753-3574
email: Bob@AppraisalMachine.net
Frequently Asked Questions
Q: Who sets the fee for the Appraisal?
A: Appraiser's fees are like Realtor's fees. Although each may
charge whatever they want, the fees are generally established by
industry standards and the local market. The appraiser's costs
include; vehicle, gas, time, training, tools, insurance and
expertise.
Q: Who owns the Appraisal?
A: The Client/Lender who orders the appraisal and is identified as
the Client in the Appraisal Report owns the appraisal. Lenders often
request the Appraiser to collect his fee from the Homeowner.
Although the Homeowner pays for the appraisal, in this case he does
not own the Report.
Q: How do I get a copy of the Appraisal
Report?
A: The Lender is required by law to provide a copy to the borrower,
at his request. Because of Confidentiality Laws the Appraiser is not
allowed to send the Report directly to the borrower.
Q: How long is the Appraisal good for?
A: The Lenders make that decision, but generally 3 months. In a
market that is changing rapidly it could be a shorter time. In a
stable market it could be longer.
Q: Can I take the Appraisal to another
Lender who may have a better deal?
A: Lenders will NOT accept Appraisal Reports unless they are named
in the Report as the Lender/Client. Appraisers are not allowed by
law to just retype the Lender's name in the Report. The new Lender
must submit an order for an Appraisal and if that property was
previously appraised by that Appraiser the fee can be discounted.
Q: Can I ask for a higher value?
A: Appraisers are licensed and required by law to be unbiased and
report the actual fair market value of the property. Honest, ethical
Appraisers will not be influenced by such a request from the
Client/Lender or Borrower.
Q: What should I do to prepare for the
appraisal inspection?
A: Personal Property and clutter in the home do not adversely effect
the value of your home, but can be a distraction. Make all the
rooms, garage, and out buildings accessible for the Appraiser.
Coordinate with the Appraiser on the location of pets as the
Appraiser will need to walk and measure the perimeter of the home.
Q: What about remodeling planned or
in-progress?
A: The opinion of value is based upon the "as is" condition as of
the effective date of the Appraisal (typically the date of
inspection). Planned improvements, even with materials on-site, add
no value to the "as is" condition. Remodeling in-progress can have
an adverse effect. Lenders do not want to see a home under
construction, especially kitchens and bathrooms that are not fully
functional. Lenders will require the remodeling to be completed, and
re-inspected by the Appraiser before funding the loan.
