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Text Box: Frequently Asked Questions

· Does the appraiser know the value of my home immediately after they inspected my home?

The answer is no. The inspection process is a valuable asset in determining the appraised value of your property. However, this is only a small percentage of the appraisal process.

 

· Can I get a copy of my appraisal directly from the appraiser?

Lenders are required by federal law (the Equal Credit “Opportunity Act”) to furnish a copy of the appraisal to the borrower if the borrower requests a copy in writing. This applies to both consumer and business loans for which real estate will be collateral. If the homeowner wants a copy of the appraisal, they should contact the lender directly. If you are having an appraisal done for personal reasons and have paid for your appraisal, we will promptly send you a copy.

 

· If I pay for the appraisal, directly to the appraiser or the appraisal company, may I receive a copy of the appraisal?

For mortgage loan purposes the determining factor is NOT who pays for the appraisal or how it is paid, but who contacted the appraiser and placed the appraisal order. For a federally related transaction, federal law requires the lender to be the one to engage the appraiser’s service. In many, if not most cases, the homeowner pays for the appraisal, thus payment for services is not the determining factor. Of course, if you order an appraisal for personal use you will receive a copy of the appraisal.

 

· If I disagree with the appraised opinion of market value, what should I do?

For mortgage loan purposes the best way to handle this is to contact your loan officer or mortgage banker and explain to them why you disagree. If you have some additional sales data you think the appraiser should have utilized or considered, feel free to submit

the data for review. The appraiser will be more than happy to review your data. Remember, this is an opinion of market value for mortgage loan purposes, based on historical current sales data of comparable homes within the neighborhood. All of the data contained in the report is utilized to determine the value of your home.