Simple Advice for a Good Appraisal

A simple piece of advice for mortgage borrowers: When an appraiser calls to set up an inspection, ask one important question: Do you live in the area?

An out-of-town appraiser often has no knowledge of many of the factors—such as school systems, neighborhood prestige, similarities/differences between nearby markets (vital in selecting comparables)—that are all important elements of an accurate valuation.

The borrower can tell an appraiser, “thanks, but no thanks” if he or she is from out of the area, and demand that the mortgage company send an experienced, qualified local appraiser.

Learn more about why a local appraiser is so important.