Consumers pay for their home/property appraisals. But their lending institution legally owns the appraisal report document. Unless the lender “releases its interest” in the document, it remains the lending institution’s property. consumers must be given a copy of the appraisal report, upon written request, under the Equal Credit Opportunity Act. It is in their best financial interest to make this request and to take the time to carefully review the report. Property appraisals in CT also represent this fact.

The written appraisal contains valuable and often-revealing information -- including the legal and physical description of the property, square footage measurements, list of comparable properties in the neighborhood, a neighborhood description, and a narrative of current real-estate activity and/or market trends in the vicinity.

To get the most accurate and impartial appraisal by the best-qualified appraisal professional, consumers should distinguish between appraisers who are only state licensed or certified and those who have demonstrated the advanced levels of education and experience required for membership in the Appraisal Institute.

Cost considerations are likely to be negligible. The appraisal process and written reporting formats vary, depending upon the nature and purpose of the appraisal.
But the appraisal’s fundamental purpose is this: To establish a well-researched, impartial and carefully documented estimate of property value, thereby protecting the interests of buyers, sellers, mortgage lenders and other involved parties.

For more information go to http://propertyappraisalct.com/