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Click here to read about one of the most frustrating situations in the sales process: the appraisal “comes in” below the agreed sales price on the purchase and sale agreement (which the appraiser should have).
The mortgage lender requests an appraisal through an AMC, a third-party entity that is supposed to ensure the appraised value is arrived at independently. The AMC then assigns the appraiser from its list which begins the process. The one piece of advice I can provide is the seller and buyer should insist (through the mortgage lender) the appraiser be from the local area (i.e., Kitsap County appraisals should be completed by an appraiser who lives and works in Kitsap County). This assignment process was revised about three years ago compliments of Congress.
Really good appraisers are sometimes hard to come bye but you can click here and receive contact information for Jo Schaefer who I’ve known for 15 years or so. Whenever I have an appraisal question I call Jo and she’s saved at least six faltering transactions over the years so I trust her implicitly.
