Who Orders The Appraisal When Purchasing A Home

 · how far out from buying a home should the appraisal be done? Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.

If you want to buy a home or refinance your mortgage, you might not be all that concerned about how your lender selects the appraiser who figures out how much your home is worth.

 · SHORT answer: buyer’s lender orders the appraisal, appraiser schedules with listing or buyer agent for access, and buyer pays for the appraisal. Payment is made directly to the lender. LONG answer: The Home Valuation Code of Conduct (HVCC) establishes standards for solicitation, selection, compensation, conflicts of interest and appraiser.

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Lenders always require a home appraisal before they’ll issue a mortgage because they want to protect their investments. If the actual market value of a property is lower than the sales price and if the buyer defaults on the mortgage, the lender won’t be able to sell the property for enough money to cover the loan.

Before any lender will loan you money to buy or refinance a home, the lender will attempt. Typically the lender will order an appraisal report.

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If you plan on purchasing a new home with a mortgage or refinancing your current loan (or even getting a reverse mortgage), you will most likely need to order an appraisal. It might also be required for a home equity loan.

Because Freddie Mac and similar mortgage investors buy many residential. Your mortgage lender could also order an in-depth.

Aside from that, the buyer and seller do not really need to be involved in the appraisal process at all. It’s the bank or mortgage lender that orders it, because it protects their interests. Here’s what happens leading up to, and during, the home appraisal process: The buyer / borrower makes an offer to buy a house.

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Homebuyer inspection and appraisal costs are part of the price of buying a home. While a buyer can waive the inspection, which isn’t recommended, he cannot waive the appraisal as the lender orders it.