Quote:
Originally Posted by brooke
Your bank will choose the appraiser.
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While this statement is taken as true and a given, everything involved in a real estate transaction is negotiable, including whom your lender selects for an appraisal. Your lender will have a list of approved appraisers that they use, which is usually quite extensive. While it is true the appraiser works for the lenders interest, not neccessarily yours, you can ask your mortgage person to review the list of appraisers they use, and then request they use one to your liking. I would always recommend using an appraiser who has extensive experience in your sub-market (MA or Chestnut Hill for example) and for your type of home. There are some excellent local appraisal firms who would be excellent choices.
I wouldn't want an appraiser who lives in Doylestown and mostly works in lower Bucks for example to do my appraisal if I could choose a more local appraiser.
Don't just let your lender and realtor tell you who to use; ask for list of professionals they recomend, but make it clear you will make those decisions. Much of the mortgage debacle we see in most of the country is partially due to buyers and sellers not taking more control of their transactions from realtors and appraisers, who have alot less required education and training then your local mechanic, baker or butcher. You need to advocate for yourself, and vett very carefully the information they provide you.