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Q. I just had my home appraised and the appraiser never came inside. Is this the way it is always done?
By JONI HERNDON
Published April 13, 2005
A. Yes and No. The decision on what type of appraisal report was needed for your home was made by your lender based on their credit criteria. My guess is that you made an application for a home equity line of credit which is different from a mortgage loan.
An appraiser would not have inspected the interior of your home if the loan amount is low (usually under $25,000), you have a very high credit score or a low loan to value ratio. The loan to value ratio is found by dividing the loan amount by your homes estimated market value.
The lender could have ordered a "drive-by" inspection of your home. This requires the appraiser to view and photograph only the exterior of your home. Most of the information about your home (living area, bedrooms, baths, garage, etc) is obtained by the appraiser either from the county Public Records or the Multiple Listing Service (this assumes your home was recently sold or had been listed for sale). However, a thorough appraiser would have at least called you to get some detailed information about your home prior to completing the appraisal assignment for the lender.
Some lenders are using technology assisted valuation models to determine your homes value and/or are relying on recent tax assessments. I would be very concerned about this type of home valuation if I was a homeowner because it does not take into consideration any additions to living area or remodeling you may have made to the property.
Be wary of the estimated market value of your home either from a drive-by appraisal where the exterior has not been measured and the interior of your home has not been inspected or a lenders' automated valuation model. Both are limited in the scope of work that is performed in order to estimate the homes value.
[Last modified April 13, 2005, 16:07:09]
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