The Appraisal Foundation, a national non-profit organization dedicated to the advancement of professional valuation and protecting the public trust, announced that it released A Guide to Understanding a Residential Appraisal, which was developed specifically for consumers. Thousands of home buyers are given a copy of their appraisal prior to closing on their new home.
This pamphlet provides consumers an overview of the residential appraisal and how it relates to the home buying process. It is designed to help consumers understand residential appraisal, including:
- The definition of a credible appraisal
- The appraisal process
- Elements of a credible appraisal
- The importance of appraiser independence
- How to proceed if a consumer feels that a correction needs to be made to an appraisal report residential appraisals
The pamphlet highlights the fact that if a consumer has recently entered into an agreement to purchase a residential property or has completed a loan application to refinance his or her home that he or she may want to retain an appraiser to provide an appraisal to help make decisions such as buying, selling, or financing a home.
Lenders are required to obtain an appraisal, prepared by an impartial and unbiased appraiser, and use it as the primary tool for assessing the sufficiency of a consumer’s collateral.
If you require real estate appraisal to determine the value of your property, EquipNet is committed to providing you with fast, accurate real estate appraisals that will allow you to make informed business decisions quickly and with up-to-date information. EquipNet’s certified real estate appraisers are able to help in financing situations, with tax issues, and with any other issue from estate planning to foreclosures. Please visit the real estate valuation section of our website for more information.