• The appraisal – What should I know?

  • The appraisal is a very important part of purchase and refinance transactions. Here is what you need to know:

    • Purchase transactions – We schedule the appointment with realtors and the appraiser
    • Refinance Transactions – We will have appraiser contact you to schedule appointment
    • Appraiser will spend approx. 10-15 minutes inside and outside your home, taking pictures of each
    • Do NOT have any active remodeling projects open – The appraiser could make the report “subject to” completion of those items
    • All appraisals are good for 60 days
      – FHA appraisal: Can be used by multiple banks
      – Conventional Appraisal: Cannot be used by multiple banks
    • Value based on transactions that have closed in the last 60 days
    • Takes about 5 business days to receive the report
    • New HARP guidelines might help you get an appraisal waiver for refinances!
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