Your property is being appraised … don’t just sit in the audience bench!
In Bronx, when a borrower applies for a loan against his property, the lender based upon the estimated market value of this asset decides the loan amount. For the purposes of appraisal, an appraiser is hired and typically, this appraiser is selected by the lender. The appraiser visits the property and collects relevant data and inspects the region and based upon the information collated, derives the appraisal value.
A lot of times, it has been noticed that appraisal report is not up to the mark. A homeowner values the property higher, but the appraisal reports suggests else wise. The lender is interested only in the findings noted in the report and thus he does not approve the entire loan amount. In such circumstances, in capacity of the Bronx property owner and the borrower, you can do more than just accepting the mismatch.
To begin with, you have to ensure that the lender has sourced the right agency for the appraisal purposes. You need an appraiser in Bronx who belongs to your county. An appraiser, who is from another county, would not know much about the property trends and prices in Bronx, NY. This person thus is not the right fellow to evaluate your property’s market value. So when you apply for a loan and the lender discusses with you the appraisal proceedings, be very clear about hiring an appraiser who is from Bronx.
Secondly, the hired Bronx property appraiser should be a certified one. Even better is the case, if this appraiser works with a professional appraiser company. Last but not the least, try and be there during inspection stage of the appraisal proceedings. This is your only chance of communicating with the Bronx appraiser and thus making him understand the highlights of your house.