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Homeowner Appraisal

Lender, AMC or VMC Appraisal

An appraiser is a professional and independent third party engaged to provide an opinion of market value.

A few points to remember:

  • Most appraisers have to schedule within a window (i.e., 10–12) to account for multiple inspections and traffic considerations.
  • Typically the appraiser will only be physically inspecting your home for a half hour. Most of the work is done back at the appraiser’s office.
  • If the appraisal is ordered by a lender, regardless of who paid for the appraisal, the appraiser can only discuss results with the lender who is the appraiser’s client. The homeowner, in this case, is NOT the appraiser’s client.
  • According to Federal guidelines, homeowners/borrowers must address any questions regarding the appraisal directly with the lender.
  • The appraiser has access to pertinent data available in the area; any information supplied is appreciated, but not necessary.

Helpful tips:

  • If you have a copy of the mortgage survey or old appraisal available, it will assist the appraiser in completing the assignment.
  • If you live in a condo, please have ready the contact information for your homeowners association or management company. A master deed will help as well.
  • Someone over the age of 18 must be present for interior inspections and to allow the appraiser to gain entry.
  • The appraiser will need access to all rooms (this includes attics and crawl spaces) and outbuildings. The appraisal will likely require taking photographs.
  • If the property is a multi-unit dwelling, the appraiser will need access to all units.
  • Federal law now requires that borrowers receive a copy of the appraisal at least three business days before closing. Please contact your lender for a copy of the report.