Hey, everyone, hope you're having a great evening. I wanted to take a minute and just share some thoughts about some appraisal situations. I also wanted to share with you this view here. This is one of the best views you'll ever see anywhere, I just love this. Could Midway, UT be any more beautiful?
A recent situation has urged me to share with you a couple things you need to know specifically as a buyer (somewhat as a seller) about appraisals.
As a buyer, you need to get the appraisal; the lender is going to order the appraisal, the appraisal will come in. You need to know that you have a right to that appraisal. There was a law passed in 2010; the Equal Credit Opportunity Act and that law said that the lender is obligated to give you, the buyer, a copy of the appraisal. And they're supposed to give it to you promptly after they receive it or within three days of closing, whichever one is earlier.
Now why should you make sure you get that appraisal? You're going through the lending process and need to make sure you have the correct value of that property. Look and review what the comparables were and what was used in some of the properties.
This is an instance where having a Realtor will become beneficial to you. Your realtor will start working with the seller's agent because that agent is going to know the specific area. They'll know what comparables they looked at when they originally priced the home. This is critical because sometimes you'll get a comparable of a home that's the same acreage, same square footage, but it may have been distressed or have a problem. The listing agent is probably going to know all of these details.
So make sure you get that appraisal! Your lender not only is obligated to give you the appraisal but any additional paperwork, any reviews...anything else that he's using to get your loan put together or that the appraiser used to come up with the appraisal of the property.
It is critical that you know this! Take the opportunity to work with your lender, let him know as soon as the appraisal comes in: "Give me a copy of the appraisal. I want to review it, I want to make sure that I'm getting some good value in my property."
If you have a question about appraisals give me a call, shoot me a text or message and I'd love to help you.