The Nation's Housing: Appraisals - TriCities.com: News

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Riding herd on appraisals The Nation's Housing: Appraisals

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Posted: Sunday, August 26, 2012 1:00 am | Updated: 12:05 pm, Thu Dec 20, 2012.

Consumer Financial Protection Bureau wants you to see the full appraisal report on the house you're buying or refinancing as early in the mortgage process as possible, and without your having to ask the lender for it.

This means all the "comparable" properties the appraiser selected, adjustments for property condition or location, plus all additional data — especially computer-generated estimates — that may have been used to arrive at the final value. It also means you would get to see who performed the appraisal and whether he or she is merely licensed in the state or carries a professional designation — letters such as "SRA" after the name indicating higher levels of training and experience. Plus it would give you an idea about whether the appraiser is locally based and thus knowledgeable about neighborhood sales and listing trends, or has traveled from another part of the state.

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