If you are buying a home most of the time a lender will order an appraisal. But really the buyer should order an appraisal to make sure they are getting what they are paying for. Is this home worth it? Below is an AP article on the subject. Afterwards is my response.
APQuestions and answers on hiring an appraiserSunday August 17, 1:10 pm ET By Mitch Weiss, Associated Press Writer
A: 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.
Q: What should I look for when I hire an appraiser?
A: First, look for an appraiser who is licensed and certified by your state. Most states have an appraisal board that should be able to provide an appraiser's qualifications, as will the Web site of the federal Appraisal Subcommittee: http://www.asc.gov/
Q: Will that Web site tell me what I need to know?
A: Yes and no. The Appraisal Subcommittee's Web site will feature information about an appraiser's qualifications. But it will only list disciplinary action that is current. Suspensions and other past disciplinary actions won't be listed.
Q: Can't I get that information from my state's appraisal board?
A: Not really. State appraiser boards are generally reluctant to release any information about an appraiser's disciplinary history. That includes how many complaints have been filed against an appraiser.
Q: So, how can I make sure I'm getting a fair appraisal?
A: That's a tough question. To start, make sure your appraiser is independent -- don't allow a lender to pick the appraiser. Also, use a commonsense 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.
Q: If I have a complaint, whom should I contact?
A: 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.
My response:
Go to the web, and search for an appraiser in a particular area. There are many sites by appraisers and other companies that have a list of available appraisers. www.appraisers.com; www.appraiserusa.com; www.zipappraisers.com are a few sites to search.
When you call one ask, "How long have you been in the business? Do you have any references? What kind of appraisals have you done? What is your education level? How many appraisals do you do a year?"
Just because an appraiser is licensed or certified doesn't mean they are competent. Real Estate appraising can be complex. It is an art as well as a science. Go with someone who has has significant time in the business and has a very good knowledge in an area.
Serving Wisconsin Counties of--Door, Burnett, Barron, Sawyer, Washburn, Douglas
Copyright © 2012 Quenzer Appraisals/Douglas A. QuenzerPortions Copyright © 2012 a la mode, inc.Another XSite by a la mode, inc. | Terms of Use| Site Map
