Common Myths about Apprasials

Common Myths about Apprasials in the Home-Buying Process
Information from rismedia.com

Myth 1: “A lender and an appraisal cannot communicate before, during, or after an appraisal is complete.”

Myth 2: “Nothing can be done if the lender has concerns or questions regarding a completed appraisal.”

Myth 3: “Lenders must use an Appraisal Management Company (AMC) to order an appraisal.”

Myth 4: “AMC’s are necessary to ensure the appraisers are not influenced by the lender.”

Myth 5: “An appraiser is hired by the borrower”

Myth 6: “The money put into the home translates dollar for dollar into a higher appraisal.”

Myth 7: “The appraiser sets the value of a home.”

Myth 8: “Appraisers and home inspectors perform the same function.”

Myth 9: “Real estate brokers are prohibited from communicating with appraisers.”

Myth 10: “Nothing can be done if a real estate broker has concerns or questions regarding a completed appraisal.”

Myth 11: “Appraiser request copies of the purchase agreement from brokers simply so they’ll know how much to appraise the home for.”

Myth 12:  “Home builders are prohibited from communicating with the appraiser.”

Myth 13:  “Nothing can be done if the home builder has concerns or questions regarding a completed appraisal.”

Myth 14:  “Appraisers only rely on comparable sales and do not take into account the cost to build a home.”

Appraisal Road Sign Illustration Design

 

To read the FACTs behind the MYTHs about appraisals
Please click here.

 

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