Getting The Best Home Appraisal Value
Home Appraisal Value:
All mortgage lenders require a residential home appraisal value by a licensed residential home appraiser. The homeowner cannot choose their own appraiser like they once used to prior to the 2008 Real Estate and Credit Meltdown. The mortgage lender is in charge of ordering the appraisal and normally orders the appraisal through an Appraisal Management Company. Once an appraisal management company chooses an appraiser be prepared to answer questions and provide requested information such as:
- What is the purpose of the home appraisal? Is the appraisal for home appraisal value purposes only?
- When is the required completion date of the appraisal?
- Is the property listed for sale and if so, for how much and with whom?
- Is there a mortgage? If so, with whom, when was it placed, for how much, type of mortgage [FHA, VA etc.], interest rate, and are there any other types of financing.
- What personal property, such as appliances, are included ? If it is an income producing property, a breakdown of income and expenses for the last year or two and a copy of leases.
- A copy of deed, survey, purchase agreement, or other pertinent papers pertaining to the property.
- A copy of current real estate tax bill, statement of special assessments, balance owing and on what [sewer, water, etc.].
- If the appraisal comes in too low, you can do a appraisal rebuttal.
Home Appraisal Value Process
There have been so many changes in the mortgage industry and most of the appraisers are extremely paranoid of the appraisals they go on. Each appraisal is closely scrutinized and most appraisal in recent years have a tendency of coming in at ridiculously low values. When an appraisal comes in low and you have comparable properties that have sold in your neighborhood and can provide proof, your mortgage loan originator can do an appraisal rebuttal. Appraisal rebuttals are extremely difficult but not impossible. As long as you have supporting documentation where you can prove a similar property as the subject purchase property have sold at a much higher value and that property is in close proximity to the subject property, your chances are good that your home appraisal value will be overturned to your favor.
FHA Home Appraisal Value
If you are applying for a FHA Loan, an FHA appraisal needs to be done. FHA appraisals need to be performed by a certified FHA appraiser. Many FHA appraisers can do both FHA appraisals as well as conventional appraisals.