BluebirdValuation Blog
  • What is an appraisal management company?
    An appraisal management company is a company that is put together in order to oversee and assist any number of professional appraisers who are licensed and certified. They do all of the administrative work as far as the tracking, ordering, and delivering of any appraisals for mortgage transaction that are ordered by either a bank or broker
  • What is the job of an appraiser?
    The sole responsibility of an appraiser that is certified by the state is to come into a mortgage transaction as an independent third party in order to give an estimation of the value of the property. This value is based on several different factors including amenities, location, and other sales that have taken place for properties that are similar in the vicinity.
    The appraiser has to do an inspection of the property, and this includes a walk-through which will give them a idea of the condition the property is in, and will allow them to list any of the amenities that can affect the value either positively or negatively. It’s not uncommon for an operator to take along a camera so that they can photograph the property, and also a sketch pad so that they can draw out the properties general layout. It’s also the job of the appraiser to notify the sender of any code violations or health hazards that are present which need be addressed before any loans can be made on the property.
  • Is it the job of the lender to select the appraiser?
    The majority of lenders who offer loans for homes are going to require that an appraisal be made in order to have a clear view of the value of the property before they actually supply a loan for it. This is because the property is actually the collateral to back the loan, so they are never going to agree to lend more money than the property is actually worth.
    In most cases the lender is going to order the appraisal of the property and you will be allowed to see and go over it. It’s important to keep in mind the fact that it is illegal for a lender or mortgage broker to “up charge” for any service from a third-party.
  • What’s the general cost of the mortgage appraisal?
    The majority of appraisals will run between 350 and $600 depending on the property value and size of it. You also need to know that the lender will be charging you for the cost of the appraisal, and that it’s going to vary depending on the type of appraisal, the region, and how much work it actually takes to complete the appraisal to the satisfaction of the lender.
    Typically you can get a drive-by appraisal in order to provide updates for a report that has already been completed for less than $275, but this is not something that a lender is going to accept for the approval of an original mortgage loan.
  • Who is responsible for the cost of the property appraisal?
    In most cases it’s usually the borrower.
  • Do I need another appraisal if I am refinancing?
    This is all going to depend on how long it’s been since the property has been appraised prior to the refinancing request. It is been appraised within a three-year time period, it’s likely that you’ll be able to order one of the drive-by appraisals so that they can use it as an addendum to the original appraisal for the property.
  • How long does a mortgage appraisal typically take?
    Most commonly it will take between three and seven days for an appraisal to be completed.
  • Is it possible for an appraisal to double as a home inspection?
    The answer to this question is no. When you get an inspection, it’s normally done by a licensed home inspector or a contractor. These people come into the home and evaluate the structure of the building as well as all of the mechanical elements, including the air conditioning, plumbing, and heating. It will be a full inspection from the foundation to the roof of the structure.


    The only thing the appraiser is really going to be interested in is what type of amenities the property has, what the exterior of the property looks like, and what other properties that are comparable in the neighborhood have sold for recently. All they really care about are aspects that are going to affect the value of the property.

  • What is an independent appraisal?
    An independent appraisal is an estimate of the value of any given property by an individual that has no personal interest in the property whatsoever. The individual who does an independent appraisal will not have any stock into whether the property is valued high or low.


    If you have any other questions, feel free to call our toll-free number at 1-970-214-7401.

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