[Bonanza]

Originally Posted by keithwand

AND.. Realtors unless they are also licensed Real Estate Appraisers can only give you a Market Comparison or Analysis.
When picking 3 comps for an appraisal; other appraisers could use 3 totally different comps. Depends on the individual appraiser.
The best appraisal is when the appraiser doesn't know the value the lender is looking for.
BTW; an Appraiser only gets paid if the loan/ house closes.

Originally Posted by perrjojo

I can't speak for Practices everywhere but I have been in the mortgage business and my daughter is currently in the business and the appraiser ALWAYS Gets paid. That is why lenders ask for credit report fees and appraisal fees upfront.

Keithwand: An appraiser always uses properties within the area of the subject property, if there have been any sales within the last three months. Other than that, they go to a similar area which is generally close by.

The appraiser is sent out by the lender. Oviously, he knows exactly who the lender is. The lender is paying him. Lenders have a few specific appraisers whom they always use. BTW -- The appraiser always gets paid. they don't work for nothing!

Perrjojo: You took the words out of my mouth and said what I was going to comment on . . . Yes -- an appraiser always gets paid, regardless of the outcome of the deal. It's the Realtors who don't get paid if the property doesn't close.