Asked by: Geir Alfara
business and finance real estate industry

Does the lender choose the appraiser?

Last Updated: 3rd February, 2020

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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.

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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.

Related Question Answers

Sonata Schirrschmidt

Professional

Do appraisers take pictures?

Appraisers are required to take pictures of the exterior of your house. In the interior, they are required to take enough pictures to support the condition rating, with a special focus on bathrooms, kitchen, and other improvements.

Kristine RodeƱo

Professional

Does a messy house affect an appraisal?

Impact of Clutter
Unless the amount of clutter begins to affect the structural condition of a home, it will not affect an appraisal. The cleanliness of a home also has no impact on the value. It is not uncommon for an appraiser to walk into a cluttered, messy home.

Anayara Zucconi

Professional

Do appraisers know the selling price?

The appraiser can tell you what a buyer should pay.
The appraiser will give an educated opinion on the value of the home based on training and experience. If the appraiser is good at what he or she does, then the price will usually be close to the market value of the home, but not always.

Destiny Marino

Explainer

How do appraisers get paid?

But before we read why, here's The Bureau of Labor and Statistics stats on appraiser earnings: The median annual wage for real estate appraisers is $54,010 (May 2017). The lowest 10 percent earned less than $28,440 (likely part-time), and the top 10 percent earned more than $101,710.

Seymour Hermanni

Explainer

What increases the value of your home appraisal?

How to Increase YourHome Appraisal Value
  1. Create curb appeal. Make your home picture-perfect.
  2. Stage inside and out. Add that wow factor.
  3. Make updates that pay off. Invest in low-cost projects that increase value.
  4. Keep track of improvements. Take before and after photos.
  5. Learn what buyers want.
  6. See how it compares.

Mirena Arrozpide

Explainer

Do appraisers look in cabinets?

A decent appraiser will look in your closets because they are supposed to. They have to calculate the total gross living area of a home. If you have been out of town for the last couple of weeks and your house is a mess, then relax. Appraisers will pay the most attention to a home's size, exterior, and interior.

Xinrong Kuntzsch

Pundit

What do appraisers look at in your house?

What home appraisers look for: What's the general condition of the house? An appraiser will evaluate and comment on: The materials and conditions of the foundation and exterior walls, the roof surface, screens, gutters and downspouts. The materials and conditions of the floors, walls, and trim.

Erzsebet Zeideman

Pundit

How much should an appraisal cost?

On average, the cost of a home appraisal on a single-family home ranges between $300 and $400. The price for an appraisal on a multi-family building starts around $600, but can increase depending on the size of the property.

Shavon Acha

Pundit

Do banks hire appraisers?

Technically, Banks Don't Appraise Homes – They Hire an Appraiser. Banks don't actually appraise homes before lending money to a buyer. They hire a licensed home appraiser to do the appraisal, once a purchase agreement has been signed by both the buyer and seller.

Xiaohong Shahovskoi

Pundit

Can a bank use an appraisal from another bank?

Most banks don't accept appraisals done for other banks or lenders. In most cases, you cannot use one single home appraisal, however well-written and recent, at different banks.

Horatio Nakhutin

Pundit

Who hires an appraiser?

6. Who is the appraiser and how are they hired? The lender giving the mortgage hires the appraiser through a third party company. Appraisers and lenders are no longer allow to be in direct communication.

Borjas Gonzalez Valle

Teacher

Can an appraisal be transferred from one lender to another?

A consumer seeking a mortgage cannot write a check directly to the appraiser nor can it paid in cash. In other words, in order for an appraisal to be transferred from one mortgage company to another, the original mortgage company has to release the appraisal and then new mortgage company has to accept the appraisal.

Mandeep Holtzapfel

Teacher

Can I do my own appraisal?

An appraisal is used to value your home based on the current market conditions. While you can't appraise your own home for the purposes of a loan, you can do activities similar to those of a professional appraiser to get an idea of its current market value.

Yongzhen Heilbrunner

Teacher

Can a lender refuse to transfer an appraisal?

Unfortunately, many things can go awry. For example, the original lender could refuse to release an appraisal report to another lender. Or the second lender could refuse to accept it. HVCC guidelines state that a transferred appraisal must have the original lender's approval and name listed on it.

Hosni Lahfa

Teacher

Can mortgage brokers order appraisals?

This requirement means mortgage brokers will no longer be able to order appraisals for loans that will be sold to Fannie Mae or Freddie Mac. Lenders want to be sure the property's value justifies the loan amount, but they also want the loan to close so they can collect the fees.

Samya Hoffheinz

Reviewer

What happens if the appraisal comes in low?

A low appraisal is bad news because the lender will only provide a loan up to the appraised value, overriding your agreed-upon purchase price.

Ferruccio Alexandrina

Reviewer

Can you request a different appraiser?

And if you aren't satisfied, you can ask the lender to send another appraiser. An appraisal is not a home inspection. The two are totally different. The appraiser's job is to observe the house in its current state, compare that with similar homes in the area and come up with a valuation.

Vicent Cartagena

Reviewer

Should I share appraisal with realtor?

Our Realtor wants a copy of the property appraisal. Should we share? Little to no risk but you don't have to share your appraisal report. If you don't plan on sharing it I suggest you call your lender and tell him that you do not want to share the report.

Eutiquia Reyeros

Reviewer

Are Realtors allowed to talk to appraisers?

3. Can I speak to the appraiser? Yes! Regulations allow real estate agents, or other persons with an interest in the real estate transaction, to communicate with the appraiser and provide additional property information, including a copy of the sales contract.