Posted on: 22nd May, 2010 04:19 am
Hi there… I've 2 queries regarding the appraisal of my properties.
I've two properties. One of them is my old home whereas the other one is a new purchase. I appraised both the properties. But I was surprised to find that the appraiser did not enter my old home when he appraised it. As far as the second home is concerned, I'm not sure whether or not the lender entered into it. Also, I would like to know whether the appraiser wants to check out the purchase price of the property when he appraises it.
I've two properties. One of them is my old home whereas the other one is a new purchase. I appraised both the properties. But I was surprised to find that the appraiser did not enter my old home when he appraised it. As far as the second home is concerned, I'm not sure whether or not the lender entered into it. Also, I would like to know whether the appraiser wants to check out the purchase price of the property when he appraises it.
Hey Jacquiline,
First of all, there are several types of appraisals with different levels of inspection. In some cases, a "drive-by" inspection is all that is needed. I don't see too many orders for these appraisal types compared to years past, but it is possible they are still being done especially for equity lines of credit. As far as the appraiser knowing the purchase price, I am sure the appraiser probably already knows since it is a requirement that the lender provide the sales contract.
Hope this helps.
First of all, there are several types of appraisals with different levels of inspection. In some cases, a "drive-by" inspection is all that is needed. I don't see too many orders for these appraisal types compared to years past, but it is possible they are still being done especially for equity lines of credit. As far as the appraiser knowing the purchase price, I am sure the appraiser probably already knows since it is a requirement that the lender provide the sales contract.
Hope this helps.