what are the laws for appraisals?
Answers:
Want get a ballpark of your home's market value? Visit www.zillow.com
Regulations regarding appraisals are specified in state law. They aren't very specific. Most of the terms and conditions governing the appraisers activity are spelled out in an agreement between the purchaser of the appraisal and the provider.
Mortgage lenders typically order an appraisal of a house in order to help mitigate the risk of lending too large a sum of money that might otherwise not be secured by the value of the property. So they are not accepting payment for an appraisal, but rather making payment for an appraisal. And of course, the may seek reimbursement from you, if you are the consumer requesting a loan.
Hope this helps.
Other answers:
I'm not sure what you mean by your question.
The mortgage lender engages the appraiser to perform the appraisal. Therefore, the lender owns the appraisal. Sometimes, the lender will pay for the appraisal, and other times, the borrower will pay. Either way, it is the property of the person who engaged the appraiser - in this case, the lender.
I hope this answers your question. If not, please try rewording it.
I'm not sure what you mean by your question.
The mortgage lender engages the appraiser to perform the appraisal. Therefore, the lender owns the appraisal. Sometimes, the lender will pay for the appraisal, and other times, the borrower will pay. Either way, it is the property of the person who engaged the appraiser - in this case, the lender.
I hope this answers your question. If not, please try rewording it.