In today’s real estate market we are facing turbulent times especially with the unprecedented amount of foreclosures occurring there is an immediate need to reevaluate the fair market value of property and also the current condition of the property. Recently, there have been changes within the real estate appraisal industry such as a mandate for lenders to use appraisal management companies, like LVJ Appraisal Management Company, by 2009. Our company takes it a step further by offering a combined service of appraising and inspecting the property. Appraiser’s assess the value of the property versus a home inspector observe and report the condition of the property.
Although the buyer usually pays for the appraisal, it is by law the property of the lender and remains with that loan file for the duration of that loan even if it’s sold on the secondary money market. Caution has been thrown to the wind in the past and as a result there are some appraisers that inflate the value of the property. LVJAMC employees’ appraiser’s with an unbiased approach so that the integrity of that appraisal will remain even after the loan has been sold. LVJAMC also has certified home inspectors that will thoroughly check all the systems of the home and recommend the necessary repairs.
We take a twofold approach that exceeds today’s standards, and we do it without any conflict of interest: an appraisal has to do with the loan and is required by the lender before making the loan on the property compared to the home inspection being something that is usually requested by a home owner, buyer, or agent. Sometimes there is a stipulation in the contract that a termite letter be issued or that a home inspection be performed however one is totally independent of the other.