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To begin with, I applaud the flexibility of allowing desktop or drive-by appraisals, but at the same time this would seem to fundamentally alter the requirement of the appraiser to inspect the property to ensure Minimum Property Requirements (MPRs) are met.
So far, we’ve covered final inspections, lending on unique homes, communication with the appraiser, reconsiderations of value, bracketing and FHA appraisals. For the past six months, I’ve been blogging with the purpose of assisting loan officers to better understand the appraisal process.
So far in our series, we’ve looked at final inspections, lending on unique homes, communication with the appraiser, reconsiderations of value and bracketing. […]. This post is part six of a 12-part series we’re calling The Loan Officer’s Guide to Appraisals. We’re halfway there!
So far in our series, we’ve looked at final inspections, lending on unique homes, communication with the appraiser, and reconsiderations of value. This post is part five of a 12-part series we’re calling The Loan Officer’s Guide to Appraisals. So if this is […]. appeared first on Riverfront Appraisals.
Appraisers should consider learning more about desktop appraisals and the hybrid/bifurcated appraisal process and using remote inspection tools such as RemoteVal ,” she advises. It’s likely that the task force’s recommendations will be adopted by most of the major players in the residential mortgage lending arena. Paul, Minn.).
A mortgage appraisal is an appraisal that is done for mortgage lending purposes. Banks are typically absolved from discrepancies between the amount they lend and the true market value of the home meaning that they will not be held responsible to the buyer. Appraisal vs Home Inspection. What is a Mortgage Appraisal?
They cannot base their value opinions on anything other than their own analysis of the market data and their professional judgment. If you choose not to be at the property during the appraisal inspection let the appraiser know you are available to answer any questions they may have.
The lender then obtains an appraisal to make sure that the property they are lending on, which is the collateral for the loan, is worth what they are paying for it. The sales can be considered during the development of the appraisal rather than after it is completed through a reconsideration of value which can delay the home buying process.
Our office updates AMCs on every scheduling attempt with details, every inspection appointment set and completion, and any materials needed ASAP in the assignment. Appraisers tend to get annoyed with constant emails from the AMC about inspection date, completion, report submission, etc. Reconsideration of value and Appraisers.
You definitely needed to be nice, not rush through the inspection, dress professionally, etc. Reconsideration of Value The underwriter may request a reconsideration of value when the Appraiser did not consider information that was relevant on the effective date of the appraisal. My last was in 1987.
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