Buying or Selling a home can be very stressfull and demading. Many things can be over looked , but home appraisals should not be. Appraisers assess the value of your home, and the lender uses this assessment to make there final deciscion to approve or deny your loan. Obviously, if the home appraised for less than the loan amount the lender will have a hard time trying to approve the loan. Please read the following tips found on the Dallas Morning News site at http://www.dallasnews.com/sharedcontent/dws/classifieds/news/homecenter/realestate/stories/DN-Mortgageappraise_18bus.State.Edition1.429661b.html
If you have any questions on appraisals please give Archwood Properties a call at 214-923-0261, or send us an email to info@archwoodproperties.com
Here are some tips to help you get an honest appraisal when buying or selling a home, refinancing an existing mortgage or taking out a home equity loan or line of credit.
Who orders an appraisal?
Most appraisals are ordered by lenders, who use the information to determine the collateral value of a home when deciding whether approve a mortgage loan. But consumers can also order an appraisal and might choose to do so for a number of reasons. Among the most common is to help them decide on a fair price for a home they wish to buy or sell.
What should I look for when I hire an appraiser?
Find an appraiser who is licensed and certified in your state. An appraiser’s qualifications can be found on the Web site of the federal Appraisal Subcommittee: www.asc.gov. The Appraisal Subcommittee’s Web site has information about an appraiser’s qualifications. But it will only list disciplinary action that is current.How can I make sure I’m getting a fair appraisal?
To start, make sure your appraiser is independent – don’t allow a lender to pick the appraiser. Also, use a common-sense test. If the home next door just sold for $150,000 and the appraiser values the home in your deal at $200,000, you have reason to be suspicious. You can also hire another appraiser for a second opinion.If I have a complaint, whom should I contact?
Every state has an appraisal board or agency that accepts and investigates complaints, holds hearings and disciplines appraisers. Some states, however, do not accept anonymous complaints, and disputes can take years to be resolved. The Texas Appraiser Licensing and Certification Board’s Web site, http://www.talcb.state.tx.us, has information on filing complaints.
Dallas Morning News staff writer Pamela Yip contributed to this report