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Articles: Real
Estate - Managing Appraisers
By Robert
Crotts
Why are you
getting an appraisal? Is it needed to close a loan? Is it to find
out if you have enough security for the loan in case the borrower
can’t pay? The appraiser must make sure that, if the property were
to be foreclosed on the lender will be able to get their money back.
The appraiser is not determining whether the purchase price was fair
or not. The appraiser is working for the lender.
Here are a
few ideas that will help make for a smoother working relationship
with the appraiser. Get the appraiser this information before he
starts.
- Get a copy of the loan documents
- A copy of
the sales contract
- He/she will need a copy of the deed and
legal description
- Closet intersection and address of property
- A description of property improvements
- The existing
owners name, address and phone numbers
- Rent roll (if its and
income producing property)
Tell the appraiser what the
appraisal is for. If you have some important information that would
help the appraiser let them know what it is and get the information
or data to him/her before he/she starts if possible.
Make
sure before you hire an appraiser to find if any other lenders
recommend him/her. Find out the types of projects he/she has done in
the past. If your taking bids for appraisers make sure your going
with the best qualified not necessarily the lowest price.
Do
consider that you may not get from the lowest bidder everything you
need. If you needed a correction you could have problems getting it.
Find out what each bidder offers that make up there bids,
you’ll be surprised at the difference. Make sure before you contract
with an appraisal firm who will be doing the field work, inspections
and reporting, you do want to know whether a trainee is doing most
of the work.
Talk with the appraiser what you will need from
the project your giving him/her. The appraiser needs to know what
type of appraisal you need whether it’s a full appraisal or a
limited appraisal. Make sure you have in writing what is required,
expected and agreed upon.
Be precise.
For information on Appraisers visit: http://appraiseraccess.com
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