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West Penn Appraisers requires the following documents be provided before the inspection of the
property:
- Deed
- Survey or Plot Plan
- 3 Year Income & Expense Statement
- Leases
- Copy of recent tax receipts
If you are purchasing the property a copy of the sales contract will be needed, as well as the
plans & specs if the property is a new construction or renovation.
As defined by the Uniform Standards of Professional Appraisal Practice 2003, an appraisal is: (noun)
the act or process of developing an opinion of value; an opinion of value. To learn more about how
the appraiser determines the estimate of value please see the
Appraisal Process article in the Educational Materials
section.
As defined by the Uniform Standards of Professional Appraisal Practice 2003, a complete appraisal is:
the act or process of developing an opinion of value or an opinion of value developed without invoking
the Departure Rule.
As defined by the Uniform Standards of Professional Appraisal Practice 2003, a limited appraisal is the
act or process of developing an opinion of value or an opinion of value developed invoking the Departure
Rule.
The Departure Rule, as defined by the Uniform Standards of Professional Appraisal Practice 2003: This
Rule permits exceptions from sections of the Uniform Standards that are classified as specific requirements
rather than binding requirements. The burden of disclosure is on the appraiser to report any departures
from specific requirements.
An appraiser may enter into an agreement to perform an assignment in which the scope of work is less than,
or different from, the work that would otherwise be required by specific requirements, provided that prior
to entering into such an agreement:
- the appraiser has determined that the appraisal process to be performed is not so limited that the
results of the assignment are no longer credible;
- the appraiser has advised the client that the assignment calls for something less than, or different
from, the work required by the specific requirements and that the report will clearly identify and
explain the departure(s); and
- the client has agreed that the performance of a limited appraisal service would be appropriate,
given the intended use.
As defined by the Uniform Standards of Professional Appraisal Practice 2003, market value is: The most
probable price which a property should bring in a competitive and open market under all conditions requisite
to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not
affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified
date and the passing of title from seller to buyer under conditions whereby:
- buyer and seller are typically motivated;
- both parties are well informed or well advised, and acting in what they consider their own best
interests;
- a reasonable time is allowed for exposure in the open market;
- payment is made in terms if cash in United States dollars or in terms if financial arrangements
comparable thereto; and
- the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.
The appraiser is an advocate of the property, and not an advocate of the parties involved in the transaction.
The appraisers client, as defined by the Uniform Standards of Professional Appraisal Practice 2003 is: the party
or parties who engage an appraiser (by employment or contract) in a specific assignment. Comment: The client
identified by the appraiser in an appraisal, appraisal review, or appraisal consulting assignment (or in the
assignment workfile) is the party or parties with whom the appraiser has an appraiser-client relationship in the
related assignment, and may be an individual, group, or entity.
If a lender orders the appraisal they are the appraiser's client. This is true even if the appraisal is paid
for by another party. The appraisal can only be discussed with or distributed to the client, unless permission
to do otherwise is given, in writing, by the client.
If you paid for an appraisal completed in connection with an application for lending purposes then you are
entitled to a copy of the report. This report must be supplied by the lender. The following section of the
Equal Credit Opportunity Act clearly defines the details:
a. Providing appraisals. A creditor shall provide a copy of the appraisal report used in connection with an
application for credit that is to be secured by a lien on a dwelling. A creditor shall comply with either
paragraph (a)(1) or (a)(2) of this section.
- Routine delivery. A creditor may routinely provide a copy of the appraisal report to an applicant (whether
credit is granted or denied or the application is withdrawn).
- Upon request. A creditor that does not routinely provide appraisal reports shall provide a copy upon an
applicant's written request.
i. Notice. A creditor that provides appraisal reports only upon request shall notify an applicant in writing
of the right to receive a copy of an appraisal report. The notice may be given at any time during the application
process but no later than when the creditor provides notice of action taken under § 202.9 of this part. The
notice shall specify that the applicant's request must be in writing, give the creditor's mailing address, and
state the time for making the request as provided in paragraph (a)(2)(ii) of this section.
ii. Delivery. A creditor shall mail or deliver a copy of the appraisal report promptly (generally within 30
days) after the creditor receives an applicant's request, receives the report, or receives reimbursement from
the applicant for the report, whichever is last to occur. A creditor need not provide a copy when the applicant's
request is received more than 90 days after the creditor has provided notice of action taken on the application
under § 202.9 of this part or 90 days after the application is withdrawn.
2. Credit unions. A creditor that is subject to the regulations of the National Credit Union Administration
on making copies of appraisals available is not subject to this section.
3. Definitions. For purposes of paragraph (a) of this section, the term dwelling means a residential structure
that contains one to four units whether or not that structure is attached to real property. The term includes,
but is not limited to, an individual condominium or cooperative unit, and a mobile or other manufactured home.
The term appraisal report means the document(s) relied upon by a creditor in evaluating the value of the
dwelling.
[58 FR 65661, Dec. 16, 1993]
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