What happens if appraiser does not meet deadline?
Cancel the Transaction For instance, a 10-day appraisal deadline means that the appraisal must be performed within 10 days after the contract ratification date. If the deadline is missed, then the contingency is no longer in effect.
Can lenders reach out to appraisers?
Can I speak to the appraiser? Yes! Regulations allow real estate agents, or other persons with an interest in the real estate transaction, to communicate with the appraiser and provide additional property information, including a copy of the sales contract.
How are states attempting to combat appraiser pressure?
The goal of this document is to examine how states are attempting to combat appraiser pressure. Appraiser pressure is defined as a mortgage lender, broker, or a real estate agent or broker pressuring an appraiser to reach a certain value in conjunction with an appraisal of real property. This is usually in connection with a mortgage loan.
Can a real estate broker dispute an appraisal?
However, a broker cannot dispute an appraisal simply because he or she is not pleased with the outcome. At the most basic level, it’s important for real estate professionals to recognize that it’s the duty of competent and qualified appraisers to provide credible opinions of value for homes.
Which is an example of improper communication with an appraiser?
An example of improper communication would be asking an appraiser to provide a valuation that matches the asking price of a particular home. Another example could be telling an appraiser he or she will not receive future assignments if the appraisal does not facilitate a transaction.
Can a realtor communicate with an appraiser?
These materials will help an appraiser arrive at an opinion of value that accurately reflects the market value of a home. However, real estate professionals are legally barred from any communication with an appraiser that is intended to unduly influence the outcome of the appraisal.
However, a broker cannot dispute an appraisal simply because he or she is not pleased with the outcome. At the most basic level, it’s important for real estate professionals to recognize that it’s the duty of competent and qualified appraisers to provide credible opinions of value for homes.
An example of improper communication would be asking an appraiser to provide a valuation that matches the asking price of a particular home. Another example could be telling an appraiser he or she will not receive future assignments if the appraisal does not facilitate a transaction.
These materials will help an appraiser arrive at an opinion of value that accurately reflects the market value of a home. However, real estate professionals are legally barred from any communication with an appraiser that is intended to unduly influence the outcome of the appraisal.
