Appriasers In Todays Market

Dated: 02/28/2015

Views: 735

Did you know the process of appraising a home is coordinated by a 3rd party, that draws from a pool of appraisers. We always hope they are local and know our market place and what is called geographically competent.

In that way the best person for the valuation of a property is chosen.

In the old days before the mortgage meltdown, a lender would contact the best appraiser for the job.

Now the lender can have no contact with the appraiser and must contact the ARM-appraisal management company.

There may be different ways to accomplish this task and this is what we have to deal with today.

So if a property is sold in the Big Island, and the appraisal management company is in the midwest or east coast for example, we ask for a person who is geographically competent. Since the cost is anywhere from $500 up, we always want the best person who is the eyes of the lender and can do the best job for the sale.

If you are buying a property in Hawaii, have a conversation with your lender about this.

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