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Bill Cobb

When Can You Talk To Baton Rouge Appraiser During AppraisalProcess?

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Real Estate Appraiser with Accurate Valuations Group, LLC LA St Certified 851

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January 30, 2013 06:43 PM

Why Won't the Baton Rouge Home Appraiser Talk to Me?

When Can You Talk To The Baton Rouge Home Appraiser During The Home Appraisal Process?

My Appraiser Friends in Austin TX, Orlando Masis and AlisonNicklin Shuman, with Appraisal IQ, posted a new video todayentitled, "Why Won't the Appraiser Talk to Me?", see their videobelow, and provided this helpful video description:

"You had an appraisal done and now the appraiser won't talk toyou? Why? The Appraiser-Client relationship dictates that theappraiser can only tak to his client. For most residential realestate appraisals, the appraiser's client is the lender, not theborrower."

By the Way, Austin TX Home Appraisers, Appraisal IQ has an oneof the best Home Appraisal websites in the nation!

QUESTION: WHEN CAN YOU TALK TO THE APPRAISER? ANSWER: DURING THE INITIAL INSPECTION OF THE HOME

REFINANCE APPRAISAL - YES, you can talk to Appraiser. If it's a Refinance Appraisal, borrower is normally home and can talk withAppraiser at time of inspection and provide a list of their updates/upgrades at that time to Appraiser. In fact, FannieMae wants the borrower to answer if Kitchen and Bathrooms have been updated within the past 15 years. Same 15 yrquestions on a purchase appraisal as well.

Here's the actual Fannie Mae Question in the Improvements, Condition section: "Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.). Selectan overall condition rating of C1 to C6 from the drop-down, then select the level of work completed and timeframe forthe bathroom(s) and kitchen(s), then enter a description of the subject property. In order to fill out the Fannie Maeform properly and gain an understanding about the home being appraised, the Appraiser needs to be able totalk to someone knowledgable about the subject property.

One Possible Answer: C3;Kitchen-remodeled-six to ten years ago;Bathrooms-updated-six to ten years ago;Condition:Good. No major repairs or functional inadequacies were noted.

PURCHASE APPRAISAL - YES, you can talk toAppraiser.If purchase appraisal, both seller and buyer can be at theinspection and talk to with Appraiser. I don't know thatthere's any rule preventing buyer and their Agent frombeing present at appraisal inspection time. I've had bothbuyer and their Agent present in the past, but very rare.

AFTER THE INITIAL APPRAISAL INSPECTION ISWHEN COMMUNICATION ENDS BETWEENAPPRAISER AND BORROWER, SELLER OR REAGENT.

There is no, "Hey, give me a call if you're coming up short of value and I'll see what comps I can find to support thedeal!". There are no fishing expeditions for "comps" after the initial inspection as the Listing Agent should havealready done their homework in finding support for the listing price of the home. As a professional courtesy, I ask forthe Listing Agent's comps when I setup my inspection of the home....because I want to know and to avoid an appeallater and avoid delaying their closing.

ONCE REPORT IS COMPLETED AND SUBMITTED IS WHEN ALL COMMUNICATION BETWEEN THEBUYER/BORROWER/RE AGENT PROCESSES THROUGH THE LENDER TO THE APPRAISER.

WHO RECEIVES COPY OF APPRAISAL?THE APPRAISER'S CLIENT DOES...Only the AMC or Appraisal Management Company who ordered appraisal for the Lender/Clientand the Lender receive a copy of report, which is then forwarded to buyer 3 days before closingfor review and potential appeal if necessary.

Is my understanding incorrect? Thanks so much for your time! Bill Cobb, Appraiser

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