Description

An appraisal is an opinion of value. For estate planning, financial planning, or sale
price decisions, individuals or a trusted advisor usually orders an appraisal. When
an appraisal is used to obtain an opinion of value of a property for loan purposes,
federal regulation requires the lender or its agent to place an appraisal order. The
lender or its agent contacts a state licensed or certified appraiser and identifies the
property to be appraised and the intended use of the appraisal. The appraiser then
determines the appropriate scope of work for the assignment.
The appraiser’s scope of work typically includes the type of property inspection
(interior, exterior only or none), what approaches to value are required, and any
lender-specific requirements. In some cases, the lender may order the appraisal
through an agent, such as an Appraisal Management Company (AMC).

Information Source: https://appraisalfoundation.sharefile.com/share/view/sb32f60230f14a329