The Appraisal Institute recently published “tips” designed “to help consumers understand the role of appraisals in the lending process.” The tips are.
1. Understand the role of mortgage appraisals.
2. Make sure the lender hires a qualified appraiser, such as an MAI or SRA Designated member of the Appraisal Institute.
3. Accompany the appraiser during the inspection.
4. Ask for a copy of the appraisal report.
5. Examine the appraisal report.
6. Appeal the appraisal through appraisal appeal procedure if necessary.
7. Ask the lender to order a second appraisal by a qualified appraiser if problems were found with the first appraisals.
8. File legitimate complaints with the appropriate state appraisal board.