i'm having my condo appraised for a home equity loan and there is a realtor (not affiliated with the bank) that said she will be taking pictures of the inside of my condo. it seems a strange that she can't just estimate the value of the home by looking at it... and i'm a little suspect about her taking pictures of my stuff.(i don't want her to have pictures of what is in my home) is it absolutely necessary for a home appraisal??
2006-08-07 06:16:59 · 11 answers · asked by misterlyle 3 in Business & Finance ➔ Renting & Real Estate
USPAP (Uniform Standards of Professional Appraisal Practice, the code of ethics that an appraiser is legally required to follow) has a "scope of work" rule. Basically, the appraiser must understand what "scope of work" that their client requires and report it in the appraisal. Many banks require property inspections and inspection photos to be included in their appraisal. Some banks will require a full interior and exterior inspection, some only an exterior. There are some cases where the bank will not even require an inspection. It's **all up to the appraiser's client.**
You shouldn't take the realtor's word for it...you should check with your bank to confirm the depth of the property inspection that they will require for your loan.
An appraiser taking photos during a property inspection is very common. It helps them document the interior structure, interior building quality, any unusual features, deferred maintenance, etc. It's best that they have these photos on file so they can refer to them during the appraisal for the most accurate appraisal possible. In addition, the inspection photos help the bank visualize what they are lending on, as loan officers typically do not do property inspections. These photos are usually the only glimpse the bank gets of the property.
You shouldn't worry about them taking pictures of your stuff...they're taking pictures for documentation purposes only. The appraiser and the bank really don't care about what personal possessions are in the house since they do not factor into the appraisal or the underwriting process.
To help alleviate your concerns, you should know that appraisers are bound by USPAP to keep all aspects of the appraisal (including subject photos and value) strictly confidential. The only one they can release the appraisal and subject photos to is their client and their client alone (i.e. the bank). Therefore, the only ones who will ever see these photos are those who are affiliated with the appraisal and underwriting process.
2006-08-07 18:01:55 · answer #1 · answered by ? 3 · 0⤊ 0⤋
Someone would take interior pictures only if there were something unusual inside the condo that substantially adds or detracts from its value.
There is a professional association of appraisers; get an appraiser that is actually a member of this organization so that you know you have someone who will work only within the rules. (And if there were to be a problem, you would have recourse.)
2006-08-07 06:26:28 · answer #2 · answered by kerangoumar 6 · 0⤊ 0⤋
No, interior pictures aren't necessary. I've had my home appraised twice - and both appraisers did a drawing of the floor layout with dimensions and only took pictures of the exterior front and back. I'd find another appraiser.
2006-08-07 06:22:01 · answer #3 · answered by Mother Bear 3 · 0⤊ 0⤋
To answer your question: YES. It is to prevent fraud and to determine a more define opinion of value for your condo.
Picture this.... a condo with no furnace, broken water pipes, peeling paint, damage walls, and floors and the appraiser takes a picture of the exterior and determines a value. Would you say this is an accurate appraisal? Relax and remember why you're doing a home equity loan on your condo. Take care!
2006-08-07 07:11:00 · answer #4 · answered by realestatemichigan 3 · 0⤊ 0⤋
I just had my condo appraised about a month ago and they took pictures inside. My dad's company hired the appraiser's so I know there was nothing shady about them.
2006-08-07 06:27:08 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Beings yo have a condo the only thing to set yours apart from your neighbors would be the inside. Taking outside pictures of a 2-4 or 6 unit building will not do you justice. Your Unit could be worth many Thousands More Or Less than your neighbors and to justify it to the bank she would need to have these inside pictures. However you could for peace of mind ask why she needs and if its totally necessary for these pictures. Personally I wouldn't worry about it.
2006-08-07 07:21:29 · answer #6 · answered by Scott 6 · 0⤊ 0⤋
Some banks require it, some don't.
Generally for refinances, you don't have to. Tell him to take pics of the outside and use nearby comps to get a good appraisal.
2006-08-07 06:27:15 · answer #7 · answered by DAVID K 2 · 0⤊ 0⤋
Most likely the pics will be of your kitchen, bathroom, things like that. If you have upgraded flooring (hardwood or marble) they might want a shot of that.
When they took pics in my house that is what they cared about. They also got a shot of the hot tub. They did not care about my stuff, just the rooms that add the most value.
2006-08-07 07:35:46 · answer #8 · answered by Sharingan 6 · 0⤊ 0⤋
I don't know what to say
2016-07-27 06:16:14 · answer #9 · answered by ? 3 · 0⤊ 0⤋
Never thought too much about this
2016-09-19 00:33:19 · answer #10 · answered by Anonymous · 0⤊ 0⤋