Here are the 2 things to look for in bank appraisers
In the best case scenarios the appraisal is returned indicating that the fair market value of the home meets or exceeds the sales price. The problem comes in when the appraisal indicates that the fair market value of the home is less than the sales price. In the latter case, the prospective buyer would either need to drop the deal or renegotiate the sales price with the seller.
Here are the 2 things to look for in bank appraisers
1) Is the appraiser licensed in the state where the appraisal(s) will take place? You will be surprised to learn how many appraisers work without having the proper license/certification. Banks will always reject appraisals performed by unlicensed real estate appraisers,
2) Ask the appraiser about his background. Has his license ever been suspended? Has he been placed on probation? Is his license currently active or has it expired? These are all very important questions to ask and one must not be shy about asking those questions.
In many cases a certified appraisal is overkill. When an appraisal is required, clients frequently misunderstand how the appraisal process works. Appraisals can be quite costly so it is beneficial to horse owners to understand when an appraisal is the right decision and when it is not
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