New Mortgage or Refinance Appraisals
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If you are buying a property, whether it be a single family home, a condominium, townhouse or villa, an investment property like a duplex or triplex, or even vacant land, unless you are paying cash for it you are probably going to be getting a mortgage with a bank or mortgage company.
Your bank or mortgage company will hire us to determine the market value of the property you are buying to protect themselves and their investment. This is done in the form of a real estate appraisal. If you are buying a condominium for $300,000 for example, your bank or mortgage company will typically loan you a percentage of that – sometimes even up to 97%! What they are worried about, however, is giving you a loan for over 100% of the value of the property you are buying. They don't want to give you $310,000 for something that's only worth $300,000! This works the same way for refinancing. They will only lend a percentage of the value of your property. And they won't take your word for it!
That's where we come in. Your bank or mortgage company calls us and orders an appraisal.
VERY IMPORTANT:
Do not call us or any other appraiser directly to have them do the appraisal for your home purchase or refinance. Your bank or mortgage company can't use it! Do not make this mistake!
Your bank or mortgage company has to order it themselves for it to be valid. If you hope to order the appraisal yourself and then hand it to them you will probably be in for a rude awakening – and you will have to pay twice for two different appraisals! There are exceptions to this rule so please call us before you order and pay for your appraisal. We don't want you to waste your money!
ANOTHER TIP:
Once the bank or mortgage company hires the appraiser and you get your loan, make sure you get a copy of the appraisal. Do not call the appraiser for it though. Believe it or nor, the appraiser who did the appraisal cannot send you a copy of the appraisal directly – even though you paid for it! He is not allowed to. The appraisal is the property of your bank or mortgage company and he/she is not allowed to give it to anyone – even you!
To get a copy of the appraisal you must contact your bank or mortgage company only. You may have to ask for it but many of them will send it to you directly as part of your loan process. Do not forget to get a copy of it!
Fill out our Contact page or give us a call today at 561-853-2129 with any questions or concerns you might have about ordering an appraisal. Even if you don't order an appraisal from us we will try to help. We perform residential real estate appraisals in Palm Beach County, Broward County, Martin County, and St. Lucie County.