- Appraisers must operate independent of all parties involved in the real estate transaction. It is illegal
for any party (attorneys, homeowners, purchasers, government agents, real estate brokers,
mortgage brokers, accountants, etc.) to try to influence the outcome of an appraisal.
- An appraisal report is owned by, and should only be used by, the individual or entity (the client/s)
who hired the appraiser. An appraiser is forbidden, by law, to divulge confidential information to
anyone other then his client.
- An appraisal can only be used for the purpose the appraiser was hired to appraise the property for.
The purpose of the appraisal should be stated within its scope of work. For example; if an
appraiser is hired to evaluate your property for its mortgage value, it is inappropriate for this same
appraisal to be used to determine your home's insurance value.
- An appraiser is obligated to protect the confidentiality of the information received during the
appraisal process. It is unlawful for an appraiser to disclose confidential information to anyone
other than the client and persons specifically authorized by the client. Example: An appraiser cannot
discuss a home's value with the homeowner, if the client is anyone other then that homeowner,
(bank, attorney, accountant, mortgage broker, real estate broker, etc.), regardless of who pays for
the appraisal.
- An appraiser is not a home inspector. An appraisal report is not a home inspection report, and
should not be relied on as such.
- An appraisal report is only as accurate as the information secured by the appraiser. When you are
asked for information (real estate taxes, utility bill, insurance premiums, renovation costs, Title
Report, etc.) don't give the appraiser a hard time, and don't procrastinate. The quicker the appraiser
receives the requested information, the quicker he/she will be able to complete the appraisal
assignment.
- At the time of inspection, make sure the appraiser has access to your entire house; the interior,
exterior, attic, basement, garage, tenants apartment(s), etc. Your time and the appraiser's time is
valuable. If the appraiser is unable to inspect your entire house, he/she may be forced to reschedule
the inspection. Rescheduling an inspection usually means an additional fee.
- If you are buying or selling your house, the appraiser must receive and review a copy of the
"Contract of Sale". This is not because the appraiser is nosey, it's required. The quicker the
appraiser receives the "Contract of Sale", the quicker the appraisal will be completed.
| Summit Appraisal Services, Inc. |
| Accurate Appraisal Valuations, Superior Turn-Around-Time, Competitive Fees |
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| Copyright 2007 - 2009 Summit Appraisal Services, Inc. All rights reserved |
| If you have any questions, feel free to contact us. |
| Appraisal Facts & Information |