Mortgage appraisals are now always ordered by your mortgage loan officer or mortgage broker. The appraisal process does depend on your mortgage lender and the mortgage program, and can take few days to a few weeks to complete. The home buyer is rarely present with the appraiser inspects the property.
The loan officer or broker actually doesn’t order the appraisal directly with the appraiser. For conventional and FHA mortgages in Colorado the loan officer or mortgage broker will usually order your appraisal from an appraisal management Company (AMC) and then the AMC will order the appraisal from an appraiser. AMC’s can be difficult to work with and the quality of the work can be very inconsistent and below average. AMC’s often will use new and inexperienced appraisers and will allow appraisers to work in areas throughout Colorado regardless of their knowledge of the area.
However, some companies like Envoy Mortgage Company, have developed an appraisal department in house and they are responsible for ordering the appraisal. This is an important difference because they can evaluate the quality of work and utilize only the best appraisers throughout Colorado. Real estate prices and conditions can vary greatly from one neighborhood in Colorado to another and if an appraiser is not familiar with the area it will affect the quality of the report.
The appraised value is not the only factor lenders will evaluate from the appraisal. Mortgage lenders in Colorado will also assess the condition of the property, local market conditions, and property features.
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