There was a time when it was rumored that the appraisers, lenders and real estate agents were in it together to get the most out of the housing market.
I would have to agree, some were very misleading and others were not only misleading, but greed ruled their persona.
That ship has sailed, hopefully to never enter the housing and real estate market again!
A while back, there was a management company placed over the appraisers. That management company secured all loose ends and brought back the standard to where it needed to be.
The appraisers of the world are also scrutinized to the hilt. Their reports are examined by people within the banking industry, who have now been brought up to speed as to what to look for in a good/bad appraisal report.
When something BAD is found – you can be sure they circle the wagons and take the offensive against the appriser. Bad can equate to the appraiser using a property which has nothing in comparison with the property being appraised. When bad is seen/found – the appraiser is definitely called into question.
The appraiser is hired and dispatched by the real estate lender/mortgage company who is giving you the loan on the home/condo/townhome you are buying.
You pay for the appraiser to appraise the property you are buying. Typically that happens via credit card you give to the Lender you are using to get the loan on the home you are buying.
Some lenders have a “free appraisal”. Most do not. And those who do, make up for it some other way, so don’t get too excited.
Remember, you need a GREAT guide throughout the real estate transaction. You will enjoy all of the articles we have at SCV661.com. Please share when you are ready and let me know how we may serve you! I’m Connor MacIvor with REMAX and SCVnest.com.