Individual states license appraisers after completing coursework and internship hours that familiarize them with their real estate markets. The lender might use an appraiser on its staff or contract with an independent appraiser. If you can choose the appraiser, and it isn't someone the lender is familiar with, the results might be subject to review before they are accepted. The appraiser should be an objective third party with no financial or other connection to any person involved in the transaction. WHO PERFORMS THE APPRAISAL? WHAT YOU WILL SEE ON A RESIDENTIAL APPRAISAL REPORT Appraisals are very detailed reports, but here are a few things they include: Details about the subject property, along with side-by-side comparisons of three similar properties. An evaluation of the overall real estate market in the area. Statements about issues the appraiser feels are harmful to the property's value, such as poor access to the property.
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