The appraiser is expected to use comparable homes that sold most recently, that are most similar in size and location to the home being appraised. So if they are appraising a single family home, they would not compare that to a manufactured home, even if the manufactured home is closest in size, location and even if it sold yesterday.
How the Appraiser is Chosen
Since the inception of the HVCC (Home Value Code of Conduct) all of our appraisal orders are handled through an AMC (Appraisal Management Company). The role of the AMC is to randomly select an appraiser from the AMC’s list of approved appraisers that should be located in the properties market area (so that the appraiser is familiar with the area) to complete the appraisal. So at the time that an appraisal order is created by us with an AMC, the report is paid for immediately and the order is assigned to an appraiser by that AMC. We are not able to choose the appraiser to complete the appraisal order, nor sway their evaluation or attempt to influence the development, reporting, result, or review of an appraisal in any way. So basically we have no control over the appraiser or the value received from them. It is up to the appraiser to give their opinion of the market value of a home without any influence from anyone.
Lynn Chase is a licensed Colorado Mortgage Loan Originator (number 100014632) and Nationwide Mortgage Licensing System number 1651156.
Lynn is the founder and broker-owner of The Commercial Loan Arranger, LLC, licensed by the State of Colorado, and is doing business under the registered trade name of the Age In Place Mortgage Company. The company Nationwide Mortgage Licensing System number NMLS #1790945
The company headquarters is located at 913 Dancing Horse Drive, Colorado Springs, Colorado 80919, and Lynn can be reached at (719) 302-5508 or Lynn@AgeInPlaceMortgage.com
© Copywrite by Professor Lynn Chase