For homeowners, a real estate appraisal is the essential element to buying or selling their home. It allows the property transactions to occur among the buyer, seller, real estate agent and mortgage lender.
Before an Appraiser arrives, there are a few things you should know. By law, an appraiser must be state licensed to perform appraisals prepared for federally related transactions. Also by law, you are entitled to receive a copy of the completed appraisal report from your lender. Your appraiser can not provide a copy of the report to you if the order came from a lender without written permission.
To facilitate the appraisal process, it's beneficial to have these documents ready for the appraiser:
- A plot plan or survey of the house and land