When can an appraisal be ordered? September 25, 2015 by Rhonda Porter 2 Comments In Seattle’s competitive real estate market, we’re seeing offers coming in with shorter closing times, appraisals waived or even financing waived.
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When ordering an appraisal, a lender contacts an AMC, which assigns the job to a competent appraiser in its network who has prior experience evaluating properties in the same neighborhood as the subject property. Don’t be concerned if the person assigned to do your appraisal doesn’t live in your immediate area.
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Real estate appraisal, property valuation or land valuation is the process of developing an opinion of value, for real property (usually market value).Real estate transactions often require appraisals because they occur infrequently and every property is unique (especially their condition, a key factor in valuation), unlike corporate stocks, which are traded daily and are identical (thus a.
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Although data – including days on the market – can provide some information about fast home sales, Ron Sitrin, a real estate agent with Long & Foster in Washington. is,’ ” says Sitrin. “If your.
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So yes, an appraisal is typically required when a mortgage loan is being used for the purchase of a house. The appraisal is usually ordered by the lender. As a seller, you won’t have much to do with the process at all. You may have to grant the appraiser access to the home, unless you have a lock box on the door. But that’s about it.