Our role in the appraisal process is limited, but there are some common questions typically asked that we can help you with. Take a look at the appraisal FAQs below!
1. Who pays the appraiser?
The mortgage lender, who hired the appraiser, pays the appraiser.
2. What does an AMC do?
An appraisal management company (AMC) manages the appraisal process and orders the appraisal on behalf of the lender. The lender may order the appraisal through an AMC or directly from an appraiser.
3. Who can talk to the appraiser?
Anyone with interest in the real estate midland tx transaction — including the real estate agents and their clients — is allowed to communicate with the appraiser.
4. How can the agents or their clients help the process?
Collect any relevant documents (surveys, deeds, HOA documents, inspection reports, etc.) in advance and have them available at the property for the appraiser to review. Real estate agents or their clients can also meet the appraiser at the property to answer any questions about the property or neighborhood. Then, step back and give the appraiser time and space to work.
5. Why does the appraiser get a copy of the sales contract?
Fannie Mae and Freddie Mac require an appraiser to analyze the sales contract and confirm analysis in the appraisal report. The appraiser will:
- Review the terms of the contract.
- Compare the contract terms with what’s typical in the market.
- Verify that the seller is the owner of public record.
6. What guidelines does the appraiser follow?
The Uniform Standards of Professional Appraisal Practice, which are incorporated into Texas law and Texas Appraiser Licensing and Certification Board rules, and any other requirements from the mortgage lender.
7. Can the appraisal report be amended?
If you think there are errors in the report or you want the appraiser to consider additional information, contact the appraiser’s client (the lender) in writing. An appraiser can only discuss the report with the appraiser’s client or parties designated by the appraiser’s client.
8. What if the appraiser isn’t familiar with our market?
If you suspect that an appraiser isn’t competent to appraise property in your area, contact the lender that ordered the appraisal.