Bank`s Approved Appraisers List
- Thread starter Nir
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It`s somewhat of a mystery, but I think it`s more about privacy than anything. Speaking from experience, some of the lists have more information than the public needs to know, like who`s on probation with the lender and who`s not.
In any event, the biggest reason is that banks don`t want their clients ordering the appraisals directly. The are concerned about undue influence on the appraised value and collusion between the parties. A good broker will have appraiser contacts that will work with you to ensure the appraisal process goes smoothly.
In any event, the biggest reason is that banks don`t want their clients ordering the appraisals directly. The are concerned about undue influence on the appraised value and collusion between the parties. A good broker will have appraiser contacts that will work with you to ensure the appraisal process goes smoothly.
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Something I have learned from experience and working with other investors is a Banks appraiser will generally appraise low to protect the Bank, when lending, and an Appraiser hired by the home owner will appraise high to please there client. Every property falls into a high low range.
This information I have been given discreetly direct from appraisers.
This information I have been given discreetly direct from appraisers.
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Lenders are getting quite cautious about appraisals. Some go so far as to keep changing their preferred list. Appraisers have told me that they like to know the reason for appraisal. ie, refinance, purchase, divorce, etc. because the reason for financing does have a bearing on price. A professional appraisal is an expectation of what the house will sell for in a specified period of time. In a divorce situation the house will generally get sold faster for less money than a refi. This does effect the actual value and does effect the appraised price.
As far as knowing who is on the preferred list, talk with your broker he/she should be able to advise you.
As far as knowing who is on the preferred list, talk with your broker he/she should be able to advise you.
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This is not a direct answer to the question, but rather a comment more on valuations in general, for what it`s worth...
Good mortgage brokers know where to place your mortgage so you will see fair valuations, and will often have good relationships with the lender`s appraisers that can be sometimes help in ensuring the valuation is fair and reasonable. Generally speaking I don`t run into value problems very often at all.
Good mortgage brokers know where to place your mortgage so you will see fair valuations, and will often have good relationships with the lender`s appraisers that can be sometimes help in ensuring the valuation is fair and reasonable. Generally speaking I don`t run into value problems very often at all.
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QUOTE (GarthChapman @ Oct 8 2009, 07:44 PM) This is not a direct answer to the question, but rather a comment more on valuations in general, for what it`s worth...
Good mortgage brokers know where to place your mortgage so you will see fair valuations, and will often have good relationships with the lender`s appraisers that can be sometimes help in ensuring the valuation is fair and reasonable. Generally speaking I don`t run into value problems very often at all.
Another sign of lenders tightening things up with regards to appraisals is the banks are increasingly asking for appraisals to be ordered through third party companies - like Solidifi - who then select the appraiser who actually does the job. So the broker doesn`t get to deal directly with the appraiser.
Good mortgage brokers know where to place your mortgage so you will see fair valuations, and will often have good relationships with the lender`s appraisers that can be sometimes help in ensuring the valuation is fair and reasonable. Generally speaking I don`t run into value problems very often at all.
Another sign of lenders tightening things up with regards to appraisals is the banks are increasingly asking for appraisals to be ordered through third party companies - like Solidifi - who then select the appraiser who actually does the job. So the broker doesn`t get to deal directly with the appraiser.
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Always start with your mortgage broker - they are there to advise you - even if that advice is that you are best to deal on a refinance with the lender directly.
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Greetings.
We need a bank-approved, Edmonton-based appraiser that understand the value of legally-suited houses.
We are trying to refinance a Genworth-insured mortgage with a different lender. My broker said no-one would touch it since it was with Genworth and they do not accept new rental mortgages, so I went directly to my banker.
My banker is happy to transfer the Genworth-insurance to a new mortgage, but his appraiser apparently does not understand up/down duplexes. The appraisal came in about $20k lower than I (conservatively) anticipated, meaning that the new mortgage will be a no-go even though it is insured.
I need an appraiser who will look at this as an investment property and not just a house with an extra kitchen. And since my broker is no longer involved in this deal, I can`t ask him.
Any thoughts?
Thanks in advance.
Sherilynn
We need a bank-approved, Edmonton-based appraiser that understand the value of legally-suited houses.
We are trying to refinance a Genworth-insured mortgage with a different lender. My broker said no-one would touch it since it was with Genworth and they do not accept new rental mortgages, so I went directly to my banker.
My banker is happy to transfer the Genworth-insurance to a new mortgage, but his appraiser apparently does not understand up/down duplexes. The appraisal came in about $20k lower than I (conservatively) anticipated, meaning that the new mortgage will be a no-go even though it is insured.
I need an appraiser who will look at this as an investment property and not just a house with an extra kitchen. And since my broker is no longer involved in this deal, I can`t ask him.
Any thoughts?
Thanks in advance.
Sherilynn
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- Jul 9, 2008
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- 34
QUOTE (Sherilynn @ Feb 4 2010, 06:08 PM) Greetings.
We need a bank-approved, Edmonton-based appraiser that understand the value of legally-suited houses.
We are trying to refinance a Genworth-insured mortgage with a different lender. My broker said no-one would touch it since it was with Genworth and they do not accept new rental mortgages, so I went directly to my banker.
My banker is happy to transfer the Genworth-insurance to a new mortgage, but his appraiser apparently does not understand up/down duplexes. The appraisal came in about $20k lower than I (conservatively) anticipated, meaning that the new mortgage will be a no-go even though it is insured.
I need an appraiser who will look at this as an investment property and not just a house with an extra kitchen. And since my broker is no longer involved in this deal, I can`t ask him.
Any thoughts?
Thanks in advance.
Sherilynn
I have not seen your property so i can`t comment much on it but an appraiser`s biggest asset comes from choosing the right samples to use from the population of data. Your value is therefore dependent on the comparables your appraiser has selected. The question is, are his comparables comparable? Or could he have chosen better comparables to use. You can try to justify a value appeal but be prepared to provide solid evidence.
We need a bank-approved, Edmonton-based appraiser that understand the value of legally-suited houses.
We are trying to refinance a Genworth-insured mortgage with a different lender. My broker said no-one would touch it since it was with Genworth and they do not accept new rental mortgages, so I went directly to my banker.
My banker is happy to transfer the Genworth-insurance to a new mortgage, but his appraiser apparently does not understand up/down duplexes. The appraisal came in about $20k lower than I (conservatively) anticipated, meaning that the new mortgage will be a no-go even though it is insured.
I need an appraiser who will look at this as an investment property and not just a house with an extra kitchen. And since my broker is no longer involved in this deal, I can`t ask him.
Any thoughts?
Thanks in advance.
Sherilynn
I have not seen your property so i can`t comment much on it but an appraiser`s biggest asset comes from choosing the right samples to use from the population of data. Your value is therefore dependent on the comparables your appraiser has selected. The question is, are his comparables comparable? Or could he have chosen better comparables to use. You can try to justify a value appeal but be prepared to provide solid evidence.
QUOTE (Sherilynn @ Feb 4 2010, 07:08 PM) Greetings.
We need a bank-approved, Edmonton-based appraiser that understand the value of legally-suited houses.
We are trying to refinance a Genworth-insured mortgage with a different lender. My broker said no-one would touch it since it was with Genworth and they do not accept new rental mortgages, so I went directly to my banker.
My banker is happy to transfer the Genworth-insurance to a new mortgage, but his appraiser apparently does not understand up/down duplexes. The appraisal came in about $20k lower than I (conservatively) anticipated, meaning that the new mortgage will be a no-go even though it is insured.
I need an appraiser who will look at this as an investment property and not just a house with an extra kitchen. And since my broker is no longer involved in this deal, I can`t ask him.
Any thoughts?
Thanks in advance.
Sherilynn
If you get to have a look at the appraisal, check the comparables the appraiser used. If they are also up/down duplexes the appraiser is probably accurate. If they are not up/down duplexes, the appraiser is probably not experienced in this type of appraisal, or there were no better comparables available. If the lender won`t show you the appraisal, at least ask if they`ll let you know which comparables the appraiser used, and have a realtor check them out for you to make sure they are infact up/down duplexes. There should be plenty of comparables for up/down duplexes in the Edmonton area, but of course this depends what area of town it is in.
We need a bank-approved, Edmonton-based appraiser that understand the value of legally-suited houses.
We are trying to refinance a Genworth-insured mortgage with a different lender. My broker said no-one would touch it since it was with Genworth and they do not accept new rental mortgages, so I went directly to my banker.
My banker is happy to transfer the Genworth-insurance to a new mortgage, but his appraiser apparently does not understand up/down duplexes. The appraisal came in about $20k lower than I (conservatively) anticipated, meaning that the new mortgage will be a no-go even though it is insured.
I need an appraiser who will look at this as an investment property and not just a house with an extra kitchen. And since my broker is no longer involved in this deal, I can`t ask him.
Any thoughts?
Thanks in advance.
Sherilynn
If you get to have a look at the appraisal, check the comparables the appraiser used. If they are also up/down duplexes the appraiser is probably accurate. If they are not up/down duplexes, the appraiser is probably not experienced in this type of appraisal, or there were no better comparables available. If the lender won`t show you the appraisal, at least ask if they`ll let you know which comparables the appraiser used, and have a realtor check them out for you to make sure they are infact up/down duplexes. There should be plenty of comparables for up/down duplexes in the Edmonton area, but of course this depends what area of town it is in.
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Thanks for that, but we have since found a new appraiser that understood the true value. Her appraisal came in $30k higher than the previous appraiser`s (so well within the range we thought it should be).
Funny though. We had temporarily given up on the Genworth mortgage and instead were working on refinancing another legally-suited house. When the appraiser called, his voice sounded familiar so I asked if he had done another appraisal for me at xxx address. He said it didn`t sound familiar. I replied, "that`s good, because the previous appraiser apparently didn`t understand the whole legally-suited-house thing." We booked the appointment. When I returned to the office, there was a message on my voicemail stating that he had suddenly been called out of town and he would have another appraiser call me to rebook. I`m pretty sure that he checked his records and realized he had been the appraiser with whom I disagreed.
I came armed and ready to the next appraisal. I had comparables pulled from the last 6 months (since there were no similar properties sold recently in either area).
Since the replacement appraiser accurately appraised the regular refinance, I requested that she also re-appraise the Genworth property. And BINGO!...all was well with the world!
Regards,
Sherilynn
Funny though. We had temporarily given up on the Genworth mortgage and instead were working on refinancing another legally-suited house. When the appraiser called, his voice sounded familiar so I asked if he had done another appraisal for me at xxx address. He said it didn`t sound familiar. I replied, "that`s good, because the previous appraiser apparently didn`t understand the whole legally-suited-house thing." We booked the appointment. When I returned to the office, there was a message on my voicemail stating that he had suddenly been called out of town and he would have another appraiser call me to rebook. I`m pretty sure that he checked his records and realized he had been the appraiser with whom I disagreed.
I came armed and ready to the next appraisal. I had comparables pulled from the last 6 months (since there were no similar properties sold recently in either area).
Since the replacement appraiser accurately appraised the regular refinance, I requested that she also re-appraise the Genworth property. And BINGO!...all was well with the world!
Regards,
Sherilynn
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- Sep 18, 2009
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- 219
QUOTE (Sherilynn @ May 3 2010, 08:22 PM) Thanks for that, but we have since found a new appraiser that understood the true value. Her appraisal came in $30k higher than the previous appraiser`s (so well within the range we thought it should be).
Funny though. We had temporarily given up on the Genworth mortgage and instead were working on refinancing another legally-suited house. When the appraiser called, his voice sounded familiar so I asked if he had done another appraisal for me at xxx address. He said it didn`t sound familiar. I replied, "that`s good, because the previous appraiser apparently didn`t understand the whole legally-suited-house thing." We booked the appointment. When I returned to the office, there was a message on my voicemail stating that he had suddenly been called out of town and he would have another appraiser call me to rebook. I`m pretty sure that he checked his records and realized he had been the appraiser with whom I disagreed.
I came armed and ready to the next appraisal. I had comparables pulled from the last 6 months (since there were no similar properties sold recently in either area).
Since the replacement appraiser accurately appraised the regular refinance, I requested that she also re-appraise the Genworth property. And BINGO!...all was well with the world!
Regards,
Sherilynn
Appraisers are important members of your team, like brokers, lenders and real estate agents. After going through a number of bank-appointed appraisers, I found one through a broker that appraises my properties on what I would consider to be on the high side vs bank appraisers. Thankfully, my bank is understanding and allows me to use this appraiser on all my transactions. Its a win-win-win between me (good appraisal), the appraiser (additional transactions. 3 alone in the last year) and the bank (additional lending). He is a valuable member of my team.
Funny though. We had temporarily given up on the Genworth mortgage and instead were working on refinancing another legally-suited house. When the appraiser called, his voice sounded familiar so I asked if he had done another appraisal for me at xxx address. He said it didn`t sound familiar. I replied, "that`s good, because the previous appraiser apparently didn`t understand the whole legally-suited-house thing." We booked the appointment. When I returned to the office, there was a message on my voicemail stating that he had suddenly been called out of town and he would have another appraiser call me to rebook. I`m pretty sure that he checked his records and realized he had been the appraiser with whom I disagreed.
I came armed and ready to the next appraisal. I had comparables pulled from the last 6 months (since there were no similar properties sold recently in either area).
Since the replacement appraiser accurately appraised the regular refinance, I requested that she also re-appraise the Genworth property. And BINGO!...all was well with the world!
Regards,
Sherilynn
Appraisers are important members of your team, like brokers, lenders and real estate agents. After going through a number of bank-appointed appraisers, I found one through a broker that appraises my properties on what I would consider to be on the high side vs bank appraisers. Thankfully, my bank is understanding and allows me to use this appraiser on all my transactions. Its a win-win-win between me (good appraisal), the appraiser (additional transactions. 3 alone in the last year) and the bank (additional lending). He is a valuable member of my team.