Mortgage financing
Why it matters
A report your lender can underwrite from.
Lenders advance money against a property, and the appraisal is what tells them the property supports the loan. WesTech prepares residential appraisals in the formats banks, credit unions, mortgage investment corporations and private lenders expect, delivered on closing-deadline timelines.
What varies between lenders is not the value but the presentation: the form used, the addressee, the exposure and marketing assumptions, and whether a rental schedule or cost approach is required. We confirm those requirements before the appraisal rather than after the report is issued.
Every report is CUSPAP-compliant and signed by the appraiser who inspected the property, with the comparables relied on and every adjustment set out, so an underwriter reviewing it does not have to come back with questions.
Before the day of the appraisal
What to have ready
Not every item applies to every file. What's needed depends on the scope of the appraisal, and the more you can provide, the more complete the report will be.
The appraisal process
Can I order the appraisal myself as the borrower?
Yes, though many institutional lenders have strict requirements and need the report to be addressed directly to them as the intended user. Sharing the name of your financial institution or mortgage broker allows us to confirm their specific engagement guidelines before we begin the assignment.
Can a single appraisal report be used for a second lender if I switch financial institutions?
Generally no without the new lender's explicit agreement, because under CUSPAP an appraisal report is prepared for a specific client and intended user. In certain cases a formal reassignment or transfer letter can be arranged, but most lenders require an independent report ordered directly through their own channels.
What happens if the property has unfinished renovations or deferred maintenance?
Lenders require strict reporting on property condition. If there is incomplete construction or significant deferred maintenance, CUSPAP standards allow us to complete the report subject to specified repairs or finishings, providing the lender with a clear risk assessment.
Related services
Other appraisal services.
Need an appraisal for financing?
Send us the property address, the lender and the closing date. We will follow up promptly with a flat-fee quote and our first available appraisal time.