Who Chooses the Appraiser?

 


Can I choose my own Home Appraiser?

As a homeowner the answer is Yes and No.

Here's why:

The Client decides who the Appraiser will be based upon the reason for the appraisal. 

The method of choice depends on the regulations that are in place for the reason of the appraisal. 

If you are buying or refinancing a home the typical process goes like this:

    1. You decide which Lender to use.
    2. The Lender decides if an appraisal is necessary.
    3. If the Lender decides an appraisal is necessary then they will hire an Appraiser.
    
It does not matter who pays for the appraisal - in this case the Lender is our Client.

Which means the Homeowner does not choose the Appraiser.

How does the Lender choose?

Generally speaking the Lender must have a process of choosing a random appraiser ensuring no undue pressure.

There are different methods the Lenders use for hiring and it would be in your best interest to ask questions about how they assign an appraiser such as:  
"Can I have a detailed breakdown of exactly where/how my appraisal fee is allocated?"
EX: Your appraisal fee is $600 but the appraiser will only receive $300.  Head's up - that's not ok.

Not all Lenders operate this way so it's something to consider when choosing a Lender.

Good news <<First Name>> - there are many other situations in which the Homeowner may have control when choosing the appraiser:

    • Tax Appeal
    • Inheritance Taxes
    • Divorce
    • PMI Removal
    • Wealth Management
    • Exercising due diligence when deciding on a List or Purchase price 

Feels good to have options, right?

Here are a few things to consider when choosing an Appraiser:

Your house is probably the most valuable asset you own. 

So, instead of shopping for the cheapest and the quickest, look for an appraiser that is highly communicative, detail oriented and provides reports that are well supported and defensible in court. 

You could start with reading their google reviews ;)  

Get the Inside Scoop! Let's stay connected outside of social media. 



Comments

  1. Ataraxia IPMay 7, 2024 at 5:40 AM

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