This is a YouTube video titled "Appraisal Process" containing a detailed explanation about the regulated steps involved in property appraisals, including the roles of lenders, loan officers, appraisers, and agents. The content is a monologue or single-speaker explanation recorded on August 22, 2023, clarifying common confusions around appraisal timelines and communication protocols.
The process of an appraisal can come with a little bit of confusion, and rightfully so. It's very regulated, and there's very particular rules that kind of go alongside it. So the lender has to order or facilitate the appraisal. So it's regulated. They don't want the loan officer or the buyer going and calling their buddy and getting kind of a favorable valuation of the house. So the lender has to place the order, but then the loan officer can't talk directly to the appraiser. They send updates through the appraisal company that get passed along, and we can pass those out. But the appraiser generally calls the listing agent or the seller's agent agent to schedule a time to go to the property, and then they prepare the report. But a lot of times when the agents are talking to the appraiser, they might say, hey, we'll have it done in two days. So everybody thinks the lender's supposed to have the report, the appraisal report, in two days. What the appraiser really means is they'll have their part done. They'll turn it into their appraisal company. It might take a day or two for the appraisal company to review. They send it to underwriting. It might take a day or two for underwriting to review. And then we get the report, and then we can send it out. So there's a little bit of checks and balances there. It can cause a little confusion because they generally want the loan officer just to call the appraiser. Unfortunately, they don't let us do that. They don't want us to have influence on the value of the house. So very, very regulated. And there's a little bit of the ins and outs.
