Appraisal Questions

L.A. · #21 11/22/09, 07:14 PM

Quote:

Originally Posted by Michael W. Smith

Moral of the story - even an appraiser (that is the "best" according to everyone) sometimes doesn't know what they are talking about!

Yep, Appraisers use three approaches to value: Cost, Sales comparison, and the Income approach. They are required to reconcile these. There is another that good appraisers use and average appraisers don't.

The Common sense approach. If the opinion of value doesn't make reasonable sense, ask your appraiser friends for help or admit your not qualified to do this appraisal and refund the fee.

TurnerHill · #22 11/22/09, 11:58 PM

Quote:

Originally Posted by MN Gardener

By federal law the lender is required to give you a copy of the appraisal. There are some things you must do (ie, request in writing within a certain time period, etc) but you are entitled to a copy of it. You are right, the appraisal is the banks, not yours, but by law you can have a copy of it.

This is correct. Just mention, "Regulation B" and you will get your copy of the appraisal.

You do have to request it within, as I recall, 90 days.