Bank home appraisal checklist verification#

“I am the eyes and the ears of the lender,” explains Warren Boizot III, SRA, a state-licensed appraiser with 24 years of experience in Denver, Los Angeles and Las Vegas.

Bank home appraisal checklist verification#

Since many lenders process a high volume of loans all around the country, local appraisers provide first-hand verification of the property’s condition. In addition, the Appraisal Institute offers its advanced credentialing of members such as MAI, SRPA, SRA, AI-GRS and AI-RRS designations in residential real estate. “The appraiser is simply a third-party professional who comes to the property to make sure the bank is lending on a property that is actually there, has the size and features (bedrooms, baths, etc.) described and compares to the values in the area,” explains top Los Angeles agent Keri White, who is also a home loan, title and escrow specialist.Īll states require appraisers to be licensed and certified to provide appraisals for federally certified lenders. This protects the lender in case the buyer later defaults on their mortgage and the lender has to foreclose on the property. A residential home appraiser’s job is to provide a professional opinion of your home’s value so the lender knows that the house is worth at least what the buyer asks to borrow for the purchase. According to the National Association of Realtors® Research Group’s 2022 data, 69% of buyers have conventional loans, 15% have FHA loans and 9% received VA loans.Īfter you accept an offer, the buyer’s mortgage lender typically contacts a third-party appraisal management company (AMC ).