Is It Necessary For An Appraiser To Take So Many Photos Of Your Home?
Some homeowners find it a little annoying and unsettling when appraisers seem to be spending so much time taking pictures of every single room in their home along with every nook and cranny. As annoying as it might seem, you want your appraiser paying attention to details.
Photos Speak Volumes:
Appraisers have paperwork that must be filled out, unfortunately they are not given a great deal of space for details. Incorporating photos into the report gives the overall report a great deal more accuracy as to the condition and appearance of a home and credibility to the appraiser.
Photos also show the consistency and quality of construction and upgrades. Photos can also pick up detailing such as flooring, crown molding and built-in items such as bookcases or entertainment centers.
Will Keep An Array of Homes Fresh in Their Memory:
Appraisers are not just visiting one home within a short period of time. They can easily cover up to ten homes during a short period of time and through various active seasons. Let’s face it, this would be almost impossible for anyone to remember in great detail. It’s pretty difficult for an appraiser to remember all the details of one specific home. Photos are a great way to refresh their memory and ideally backup their written reports.
Banks Want Accuracy:
Banks lost a great deal of money, especially when the real estate market crashed. They lost money on loans because the actual value of a residence was not evaluated correctly by the appraiser. Banks have increased their requirements from the appraisers. Because the quality of collateral of a loan is secured by the bank, it has become imperative that these appraisals are accurate. Taking photos has become a major requirement by the banks.
The Increasing Number of Photos and Subjects Have Increased:
Years ago, the only pictures taken of a property were the front, back and a few neighborhood images. Today, pictures have increased to cover every room, every side of the house, more neighborhood/street images along with any repairs needing to be done due to damage.
Underwriters at the bank study these photos and decide whether they substantiate the written report from the appraiser. It is up to the appraiser to provide a very accurate, detailed and clear description of the property within their report. In turn, they must back up these reports with a great deal of photos. This protects the appraiser’s reputation along with the homeowner’s added investment. Should their be any disputes, these photos are available.
In Conclusion:
A homeowner who has spent a good amount of time and money to bring the value of their home up, accuracy should be highly expected and appreciated. Photos not only backup the appraiser, but also the homeowner. Possibly the appraiser is not giving the value you were expecting from their inspection. In that case, when banks study the photos, they might side with you and feel the property is worth more than was originally believed by the appraiser.