the appraiser will not consider; but suggests you check it The Appraiser Will Not Consider is something that has been repeated over again a few weeks ago. If that sounds familiar, do not despair. The reason why it always appears to come up is because when you first write the check the Appraiser assumes everything will be OK as there is nothing they can do. They then start to do their thing and the reality hits.
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Here is why the appraiser will not consider the higher value. When they do the appraisal they are in effect taking a "shot" at their bottom-line number. This may cause them to make some errors and possibly give the lender a lower number that the mortgagee actually qualified with. If you believe the appraiser is giving you an inflated number, be sure to have the appraiser's name, address, and phone number available when you speak to the lender.
Now if the appraiser tells you they cannot find anything wrong with the previous appraisal, ask them why they can not find anything wrong with the current appraisal. Then ask them if they have ever seen a case like yours before where they could not find anything wrong with the appraisal. It is always best to have all the facts before you sign any appraisals. If you have been paying someone to appraise your home then they should be able to tell you if they have made similar appraisals before. You could also ask the lender about their policies and whether or not they would allow a new appraisal in order to qualify for a better interest rate.
What Does the Appraiser Not Consider When Valuing a Property?
There are some appraisers that will not allow an outside inspection of the property. If you feel this is the case then ask the lender if they would allow you an inspection. You may feel uncomfortable asking the lender about an appraisal, but ask anyway. After all, it is the lender who has to answer these questions. Answering these questions will help you understand what is going on.
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Your rights and your responsibilities will vary according to what state you live. However, most states have something known as appraisal malpractice. This means that an appraiser has gone against the guidelines set forth by the law. You have the right to request an investigation into the appraisal. In most states this requires that you take a complaint to the attorney general. If your complaint is found to be true, the appraiser will have to retroactively correct their report, pay you, and pay the lender.
Usually the appraisals that are made for market value have already been approved at the time of the sale. However, if there was an error in the calculation, it can be changed and the new market value will then be used. Unfortunately, if this mistake is made it will be recorded and cannot be changed in the future.
The only way that an appraisal can be retroactively changed is if there is an error in the calculation. This is not the problem with many appraisals. This is usually the problem with the home appraisals that the lender requires you to get from them. When they make the appraisal report they usually do not take into consideration the market value because they are always going by the gross market value. The problem with this is that they are not considering the appraised value, and they end up retroactively changing the value of the property.
There are various reasons why home buyers purchase a particular subject property. Home buyers purchase a subject property for various reasons including; they enjoy the area, they like the neighborhood, they have an interest in the market value of the area, they like the area's amenities, or they may have a particular demographic that prefers the subject area. Regardless of the reason for the purchase, the buyers must make sure that the real estate appraiser does not take into consideration the market value and use the appraised value instead. For those that are concerned about the real estate appraiser not taking into consideration the market value they should ask the appraiser to explain their procedure for doing so and ask if the appraiser will make a similar explanation for the purchase transaction. The real estate appraiser should make this explanation to the buyer prior to the closing date so that the buyer can make an informed decision regarding the acquisition of the subject property.
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