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Appraisal issues have emerged as one of the biggest obstacles for would-be homebuyers in recent months due to the Home Valuation Code of Conduct which took effect on May 1, 2009. The code set new standards for the appraisal industry that are not very clear and there may be different interpretations. This confusion can slow up the loan approval process.
Appraisers compare the features and condition of a home to similar properties to arrive at a dollar figure for its value.
To protect your financial well being and your investments, it is important that you engage a valuation professional. Whether it is personal property, real estate or a business, consumers should engage a professional appraiser for an independent and impartial analysis of their property.
Elements of a Professional Appraisal
Professional appraisers adhere to a written set of performance standards, known as the Uniform Standards of Professional Appraisal Practice (USPAP). The U.S. Congress has recognized USPAP as the generally accepted set of standards for professional appraisal practice in the United States. USPAP contains standards for all types of appraisal services including real property, personal property, business valuation and mass appraisal. USPAP compliance is also required by professional appraisal associations, client groups and by dozens of federal, state and local agencies. By following USPAP, a professional appraiser helps foster public trust in valuation through:
Impartiality and Objectivity ~ Ethical Conduct ~ Full Disclosure ~ Confidentiality ~ Competency ~ Independence
Follow these links to see what goes into the home appraisal process:
Home Appraisal - Video 1 Home Appraisal - Video 2
Home Appraisal - Video 3 Home Appraisal - Video 4
Home Appraisal - Video 5 Home Aprraisal - Video 6
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