While it is quite common to ask your realtor for recommendations, there is a certain grace to not recommending appraisers to comply with the spirit of the law as it were.
Appraisers essentially do the same comparative market analysis that an agent does in order to evaluate the value of the home.
The realtors process discovers the market rate of a home based on supply and demand.
An appraiser is hired in a process that forbids personal contact by a bank to find out if the sale price corresponds to the home’s value.
The bank does not want to lend so much that they’ll lose too much in case of foreclosure.
The role of appraisals is to bring some disinterested objectivity to the question of the value of a home. The value of a property doesn’t increase or decrease based on great personal relationships. I the transaction, the listing agent will get the contact information of the appraiser when the pro makes contact in order to schedule. If the buyer’s agent has an issue, he or she will have to ask the listing agent for the contact info to discuss it.
If the home doesn’t appraise, a renegotiation of the price of the home could ensue.
Learn more at the American Society of Appraisers website.
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