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The Cleveland AppraisalBlog provides a few ideas below. Start by having your propertyappraised to get a rough idea of what you can sell it for, then compare other listings in your area. Next, you’ll want to take professional-grade photographs of your property that you can pair with your listing.
For the past six months, I’ve been blogging with the purpose of assisting loanofficers to better understand the appraisal process. So far, we’ve covered final inspections, lending on unique homes, communication with the appraiser, reconsiderations of value, bracketing and FHA appraisals.
Right now on our AppraisalBlog, we’re all about helping LoanOfficers. This post is part six of a 12-part series we’re calling The LoanOfficer’s Guide to Appraisals. We’re halfway there!
Right now on our AppraisalBlog, we’re all about helping LoanOfficers. This post is part five of a 12-part series we’re calling The LoanOfficer’s Guide to Appraisals. The post The LoanOfficer’s Guide to Appraisals Part 5: What is bracketing and why do we do it?
Anyway, I was comfortable with the fee and it was accepted by the AMC (Appraisal Management Company) that the lender hired to manage the appraisal ordering process. My Thoughts: I think this is a GIANT step backward and goes directly against ensuring public trust. Did I leave anything out or do you want to join the conversation?
Time management challenges are a big issue for many propertyappraisers. Your income depends on how many appraisal assignments you can complete each month and each year—and you need time to produce each report. Last month we asked appraisers, “What’s one thing you wish you could STOP doing to save time in your workday?”
The only appraisal that use to be done, and that most people are familiar with, was a full appraisal by a licensed or certified person who would physically inspect the property and then write up the report and deliver it to the lender. Inaccurate property data can contribute to inaccurate appraisals.
Ask an appraiser about their education and licensing. Federal law mandates state certification for most appraisers. The two basic licenses are Certified Residential Real PropertyAppraiser and Certified General Real PropertyAppraiser. Evaluate the appraiser’s experience.
The reverse mortgage appraisal report stands as a pivotal element in the loan application, influencing the terms and approval, making it an indispensable part of the entire process. When applying for a reverse mortgage, it is important to work closely with your loanofficer.
Loanofficers will need any information you haven’t yet provided surrounding your debts, assets, credit and income. Once you’ve finished your application, your lender will provide you with a loan estimate. Get The PropertyAppraised. If you have any questions for us, go ahead and leave them in the comments section.
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