The Appraisal Institute has released helpful tips for consumers, providing guidance for homeowners and buyers seeking to ensure their sales are completed in a timely manner.  The document is available here:  http://www.appraisalinstitute.org/newsadvocacy/downloads/AIhelpfultipsforconsumers.pdf .  The Institute created the recommendations to help consumers protect themselves and avoid unnecessary frustration when selling or buying a home.

“Too many consumers in this struggling real estate market face problems with appraisals when attempting to buy or sell a home,” said Appraisal Institute President Joseph C. Magdziarz, MAI, SRA. “But rather than passively endure delays in closing a sale, homeowners and buyers can take proactive steps to avoid pitfalls.”

The Appraisal Institute’s tips encourage homeowners and buyers to:

-Understand the role of appraisals.
-Make sure their lender hires a qualified appraiser (such as a designated SRA, SRPA or MAI member of the Appraisal Institute).
-Accompany the appraiser during the inspection of the property if possible.
-Request a copy of the appraisal report from the lender.
-Examine the appraisal report and ask questions.
-Appeal the appraisal if appropriate.
-Ask the lender to order a second appraisal by a qualified and designated appraiser.
-File legitimate complaints with appropriate state board or professional appraisal organizations.

“Appraisers today are doing the same thorough, fact-based research and analysis they have always done,” Magdziarz said. “Nothing has changed in that regard.”  He added that appraisers have been wrongly accused of prolonging the nation’s real estate downturn by developing value opinions that are below proposed sale prices.

For more information, visit http://www.appraisalinstitute.org/

Call or email me to discuss values and what an appraisal means to you.

Joe Giancarli, SA
Short Sale Specialist
Real Estate Advisor
609-658-2612
jgiancarli@remax.net
http://www.joegiancarli.com/
http://www.njhomesource.com/