Wednesday, January 2, 2013 - Article by: Kevin Prince - Liberty One -
Newly proposed regulations from the Dodd Frank Bill comments on Appraisal independence and it says; "Appraisal Independence Requirements (Section 1472) - Prohibits any act or practice of extending credit or in providing services for consumer credit transaction that violates appraiser independence including compensating, coercing, extorting, colluding, instructing, inducing, bribing or intimidating appraiser for purpose of causing appraised value assigned to property to be based on any factor other than independent judgment of appraiser but allows person with interest in real estate transaction to ask appraiser to consider additional information, provide further detail or correct errors."
Does this sound confusing? Don't let this verbiage scare you. It simply means that you cannot unduly influence an appraiser's valuation of a property. If your lender is not using a national qualified Appraisal Management Company, they need to. You can speak to an appraiser but you cannot do anything (or communicate anything) that will cause the appraisers valuation to be skewed. You cannot ask for a certain value on your property but you can supply information about the area that will help in the appraiser's valuation.
You can talk to your appraiser just not about the value of your home....
For more specific information please contact me. I have over 30 years in the real estate industry and would enjoy sharing it with you.
"The Solution to Appraisal Leadership"
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