Asked by: Geir Alfarabusiness and finance real estate industry
Does the lender choose the appraiser?
Last Updated: 3rd February, 2020
Click to see full answer.
Also question is, does lender choose appraiser?
In most residential property transactions you are able to choose your real estate agent and your lender, but you cannot choose your appraiser. Instead the appraiser must be chosen by your lender to provide a level of independence from the buyer and seller.
can a lender contact an appraiser? Now mortgage lenders cannot have any direct contact with the appraiser. A third party who selects the appraiser and coordinates the appointment with the homeowner.
People also ask, can a borrower choose their own appraiser?
For all practical purposes, the appraisal belongs to that lender because the borrower cannot use it with another lender. While nothing prevents borrowers from purchasing appraisals on their own, lenders will not accept them, which means that they will have to pay for a second appraisal when they apply.
What hurts a home appraisal?
Comparable homes or comps are one of the most important factors affecting appraisal value. An appraiser will take a close look at recently sold, nearby homes with similar bedrooms, bathrooms, updates and square footage to your home. The value of these homes can provide baselines for appraisal value.