Who Does the Appraisal? When an appraisal is done, an unknown, third-party, qualified professional is brought in to examine the property. The buyer and lender do not have the ability to choose the appraiser. This person will go to the property and look at the amenities of the property, and then compare that to all the properties that have sold in the area to determine a fair market value for your home. Is the Appraised Value Acceptable? A lender will look at the appraised value of the home, and compare that value to your contract price, whether you have bought the home or are doing a refinance. After the appraisal, the lender needs to check that the appraised value is acceptable, and also determine the condition of the home to see whether any improvements need to be made. In some cases, such as with FHA renovation loans, a list…

Read More