Can I Order My Own Appraisal?
Wondering if you can speed up the appraisal by ordering your own? Usually the answer is no, but there are exceptions.
When You Can NOT Order Your Own Appraisal
When selling a home, the appraisal fee is typically paid by the buyer, but the lender is responsible for ordering the home appraisal. Why? Because appraisers must be a neutral party. By law, a lender cannot accept an appraisal ordered by you - the buyer - for lending purposes.
Just to be sure it’s a neutral party, the lender cannot be affiliated with the appraiser, either.
According to regulations established in 2009 by the Federal government, lenders need to go through an Appraisal Management Company (AMC) that has a roster of licensed appraisers to choose an appraiser or a separate entity at the bank, credit union or mortgage company that is a buffer between the appraiser and loan officer. This is to prevent “affiliations” between the lender and the appraiser, and also ensure the appraiser is licensed and certified in your state.
When You CAN Order Your Own Appraisal
Even without choosing your appraiser, agents and sellers can still have input, as they allowed to provide information to the appraiser about the home, any improvements or repairs made, and nearby comparable homes that were used to develop the sale price.
Need A Home Appraisal In Phoenix, AZ?
We do home appraisals in the Phoenix area including Scottsdale, Chandler, Gilbert, Mesa, San Tan Valley and surrounding areas. We welcome you to look through our website, review appraisal services, join our Facebook community, and learn more about our expert appraisers.
Give us a call to schedule your appraisal.