Do Appraisers Know the Selling Price?

As homeowners navigate the intricacies of the real estate market in Tampa Bay, Florida, questions often arise about the extent of an appraiser’s knowledge, particularly regarding the selling price of a home. At Tyke Appraisal, we’re here to dispel the myths and shed light on the role of appraisers in the valuation process.

The Appraiser’s Knowledge of Selling Price

It’s a common misconception that appraisers are oblivious to the selling price of a home. In reality, appraisers are often privy to this information due to the standard appraisal forms, which require the appraiser to enter the details of the purchase contract. Consequently, appraisers typically have access to the selling price, allowing them to consider this data during the valuation process.

However, it’s important to note that while the appraiser may know the selling price, they do not have access to the loan amount associated with the transaction. The sales contract, including pertinent details such as any concessions or non-real property items included in the sale, must be provided to the appraiser by the lender, in accordance with Fannie Mae’s guidelines.

The Role of the Appraiser

Despite having knowledge of the selling price, appraisers are obligated to provide an independent and unbiased opinion of a property’s value. Their assessment is based on objective factors such as the property’s condition, location, comparable sales, and prevailing market trends. While the appraised value may align closely with the selling price, it’s not uncommon for variations to occur.

Ethical Standards in Appraisal Practice

Appraisers are bound by strict ethical standards outlined in the Uniform Standards of Professional Appraisal Practice (USPAP). These standards mandate impartiality, objectivity, and independence in the appraisal process. Appraisers are prohibited from advocating for any party’s interests, including the buyer or seller, and must refrain from communicating predetermined opinions or conclusions.

Maintaining Independence and Objectivity

The appraiser’s role is to provide an accurate valuation based on market conditions, irrespective of the selling price or loan amount. Ignoring market data to match a specific sales price would violate ethical standards and jeopardize the integrity of the appraisal process. Appraisers must uphold their duty to maintain independence and objectivity to ensure the credibility of their assessments.

In conclusion, while appraisers may be aware of the selling price of a home, their primary responsibility is to deliver an impartial and supportable opinion of value. Homeowners in Tampa Bay can trust Tyke Appraisal to provide professional, unbiased appraisals tailored to their needs, ensuring transparency and integrity throughout the valuation process.

Need an Appraisal in Tampa Bay, Florida? Contact Tyke Appraisal

Are you in need of a reliable and professional real estate appraisal service in Tampa, Florida? Look no further than Tyke Appraisal. Our team of certified appraisers brings years of experience and expertise to every appraisal, ensuring accurate and comprehensive evaluations that you can trust.

Whether you’re a buyer, seller, homeowner, or investor, our appraisals provide the valuable insights you need to make informed decisions in Tampa’s dynamic real estate market. Don’t leave the value of your property to chance – trust Tyke Appraisal to deliver precise valuations backed by industry-leading standards.

Contact us today to schedule your appraisal or to learn more about our services. Let Tyke Appraisal be your trusted partner in achieving your real estate goals in Tampa, Florida.