With the slowing home market, finding a fully qualified and trustworthy appraiser is more important that ever. If the appraiser cuts corners, you may have a home that is worth less than it’s appraisal. Or you may end upside down in your loan. The Wall Street Journal had these pertinent questions to ask potential appraisers before hiring them.
- Does the stated home value seem reasonable, given what you know about the neighborhood?
- When the appraiser cites comparable home sales, is he focusing on nearby houses?
- Does the appraisers’ description of the house match what you know?
- Will the lender give you a copy of the appraisal?’
- Is the appraiser licensed and/or certified?
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{ 2 comments… read them below or add one }
The appraiser's job is to bring it in at sales price (when possible) and not to protect the back or the owner. They should not anticipate anything since it is a snapshot in time.
The appraiser's job is NOT to bring it in at sales price. His job is to give an accurate, unbiased professional opinion of value based on his experience.training, and the market data.