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A Guide to Understanding a Residential Appraisal

A Guide to Understanding a Residential Appraisal

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Published by REALTORS®
A Guide to Understanding a Residential Appraisal
A Guide to Understanding a Residential Appraisal

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Published by: REALTORS® on Mar 28, 2013
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07/17/2014

 
A Guide to understAndinGA residentiAl ApprAisAl
 
Dear Consumer,The purpose o this brochure is to help you understand the residentialappraisal. Ater reviewing this brochure, you will understand the denitiono a credible appraisal, the appraisal process, elements o a credibleappraisal, the importance o appraiser independence, and how toproceed i you eel that a correction needs to be made to your appraisalreport.You may have recently entered into an agreement to purchase aresidential property or you may have completed a loan applicationto renance your home. Lenders are required to obtain an appraisal,prepared by an impartial and unbiased appraiser, and use it as theprimary tool or assessing the suciency o your collateral. You may wantto retain an appraiser to provide an appraisal to help you make decisionssuch as buying, selling or nancing your home.This brochure was produced by The Appraisal Foundation. The AppraisalFoundation is authorized by Congress as the source o appraisalstandards and appraiser qualications. You can obtain additionalinormation about The Appraisal Foundation and the various boards thatoperate under its oversight at
www.appraisaloundation.org
.Sincerely, The Appraisal Foundation
 
3An appraisal is an opinion o value. For estate planning, nancial planning, or saleprice decisions, individuals or a trusted advisor usually orders an appraisal. Whenan appraisal is used to obtain an opinion o value o a property or loan purposes,ederal regulation requires the lender or its agent to place an appraisal order. Thelender or its agent contacts a state licensed or certied appraiser and identies theproperty to be appraised and the intended use o the appraisal. The appraiser thendetermines the appropriate scope o work or the assignment.The appraiser’s scope o work typically includes the type o property inspection(interior, exterior only or none), what approaches to value are required, and anylender-specic requirements. In some cases, the lender may order the appraisalthrough an agent, such as an Appraisal Management Company (AMC).There is no single standard appraisal report orm, ormat, or style. However, orresidential mortgage lending, Fannie Mae (FNMA) and Freddie Mac (FHLMC),which are Government Sponsored Enterprises (GSEs) that purchase mortgageson the secondary market, have developed residential appraisal report orms thatare commonly used to communicate the appraisal o properties used as collateral.Regardless o the type o appraisal report used, all appraisal reports must containsucient inormation to enable the intended users to understand the report properly.
the process ofobtAininG the ApprAisAl

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