When it comes to the sale and purchase of homes – whether you are on the financing end of things or are in the market to purchase – you need the confidence that comes from knowing your appraisal is thorough, compliant, and on point. Major purchases like homes must be vetted before financing can be approved, and in order to move forward, safe in the knowledge that you’ve done the necessary homework, it’s imperative that an experienced Indianapolis appraisal management company be closely involved.
Appraisal management companies (AMCs) play a critical role in the housing market, and all of the following key points apply the work they perform:
Because homeowners, loan officers, and mortgage brokers alike have so much financial interest invested in the potential home sale at hand, none of these parties may play a role in the selection of an appraiser. The risk is that any one of these entities could wield their influence to assign a higher value (than is supported by the market) to the property in question – in an effort to push the deal through artificially. The AMC’s job is to assign an appraiser with appropriate knowledge of the locale in question to ensure that the property is fairly appraised – without bias for either purchaser or investor.
The valuations performed by appraisers sent out by AMCs must meet the Uniform Standards of Professional Appraisal Practice (USPAP) guidelines. The guiding purpose behind AMCs is to keep a varied pool of licensed, qualified appraisers who then meet the important valuation needs of lending companies. Once an appraiser is deployed to make the necessary appraisal, he or she is neither put in touch with the financial lender nor provided with any additional background information regarding the property. All of these checks and balances are put in place to help keep the transaction fair and aboveboard throughout.
If you’re in the real estate market – as either a lender or a buyer – you will be relying upon an AMC to ensure that the purchase you’re about to involve yourself in is solid to begin with. At Allstate Appraisal in Indianapolis, we’ve been in the appraisal business since 1959 and our appraisal management services focus on credible, compliant, and timely results. For more information, please don’t hesitate to contact us today.
If you have a question or would like to place an order for an Appraisal or Review, please fill out the form below. Once you’ve submitted your order, someone from our office will contact you within 1 business day to confirm your order or answer any questions.
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