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My New Blog

DID YOU KNOW?
August 7th, 2009 12:36 PM

When you apply for a mortgage loan, an appraisal management company (AMC), selects the real estate appraiser from its list of real estate appraisers. Most of these appraisers are independent contractors who have agreed to a fee that is much less than a more experienced and qualified appraiser would charge to perform the appraisal. Yet, the fee that is charged to you is on average more than 100% the appraiser's fee. This appraiser chosen off the appraisal management companies list has often never done an appraisal in your neighborhood. As of May 1, 2009, this is the new code of conduct system that is in place.

It should be noted, that FHA appraisals, appraisals for JUMBO loans, REAL ESTATE TAX APPEAL appraisals, DIVORCE appraisals, ESTATE (date of death) appraisals, COMMERCIAL appraisals, DO NOT fall within this new code of conduct and you, your attorney, mortgage broker, lender, etc. can use the appraiser of their choice. 

The real estate appraiser is not an afterthought. They are the most important part of the valuation process.

If you have any questions about this process, please visit my website: www.chicagorealestatenow.com  

If you would like to contact me, I can be reached by email at Gnusinow@chicagorealestatenow.com 

 

   


Posted in:General
Posted by Garry Nusinow on August 7th, 2009 12:36 PMPost a Comment

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