Banyan Appraisals, Inc.

To contact us:

Phone: 561-422-8132

Fax: 561-422-8951

Orders@BanyanAppraisals.com

PURCHASING A HOME OR OTHER PROPERTY

As a potential buyer you may need to secure a loan to purchase a property.  Because the security for the loan is usually the property itself, most lending institutions will require an appraisal to determine the property’s fair market value.  PMI or Private Mortgage Insurance may also be required by the lender if you borrow more than 80 percent of the property’s value at the time of the loan. 

If you are planning to purchase a home or property and a loan is involved, consider obtaining a third party opinion of value from an independent appraiser who is not associated with the lender or their associations.   It goes without saying that a property’s value should not differ regardless of who the client or the appraiser is.  However in recent years appraisers have been faced with the difficulty of maintaining an amicable relationship with clients while remaining unbiased in their value opinions.  Mortgage brokers have been know to ‘shop’ appraisers looking for one that could reach the value required to close the loan.  As a result many appraisers have inflated values or ‘overlooked’ property and market conditions which, if they had been properly reported would have prevented the loan from closing. 

It should be noted that all appraisers are bound by USPAP and its ethics, but as the buyer, it is your responsibility to protect yourself.  While the lender may have already requested an appraisal it is the buyers responsibility to represent their own interests in the purchase transaction.  The appraiser’s primary responsibility is to his or her client.  The client is the named entity on the report and while the buyer usually pays for the lenders appraisal, it is the lender who is named as the client.

 Be sure to obtain your own appraiser to represent your interests. 

For more information on USPAP and appraiser ethics please visit the Appraisal Foundation and the Appraisal Institute.

REFINANCING YOUR LOAN OR OBTAINING AN EQUITY LINE OF CREDIT
You may be considering refinancing your loan for various reasons; bill consolidation, home remodel, paying for a child’s college tuition, reduced interest rate, or investments to name a few.  Your lender will require a new loan and will usually require a new appraisal of the property.  Typically lenders have preferred appraisers that they work with, but most lenders are open to using one if requested in advance.  Ask your lender if you can select the appraiser.

When you order an appraisal report from us, you can expect. . . .

· Prompt response to your initial inquiry: We will give you personalized information for your particular appraisal need. Just tell us your situation and we will make suggestions. Quick turnaround time: Typically two days from the date of inspection.  If you've chosen to receive a copy of your appraisal or consulting report via the Internet (EDI), you'll receive it within MINUTES of its completion.

· Appraisal and consulting reports formats to suit YOUR needs: When it comes to appraisal and consulting, "One size does NOT fit all!" We offer a variety of report types and delivery methods. Express mail too slow? We can deliver your report attached to a standard email, or notify you of an Internet site to download your report, the MINUTE it's completed!

· Quick response to follow-up questions: Our reports are clearly written, understandable, and meet or exceed the Uniform Standards of Professional Practice that governs the appraisal practice. If you have any questions regarding your appraisal, after you've read the report, we encourage you to email or call us!