Liberty National Appraisals Resource Center

Frequently Asked Questions (FAQs)

Which appraisal should I order?

Not sure which one best represents your situation? Take a moment to review our real estate appraisal product and service descriptions.

How do I order an appraisal?

To order an appraisal, click Order Appraisal Now! If you are a Liberty National Appraisals member, please login to place your appraisal order: Login Now.

How do I view the status of my appraisal?

To view the status of an appraisal, please login to the Liberty National Appraisals management system: Login Now.

Can I make a change to my order or cancel my appraisal order?

Please CALL 877-810-2523 in the event you need to cancel your appraisal order. Also, you may login and use the cancellation service request within the Liberty National Appraisals management system: Login Now.

What does it mean to "order" an appraisal?

Ordering an appraisal means engaging the appraiser's services to perform an appraisal of a specific property. The party that orders an appraisal is the party that the appraiser identifies in the lender/client field on the appraisal report.

Are all appraisals the same?

No. There are many different functions and purposed for appraisal reports. For example, an appraisal for insurance coverage has a different "intended use" that an appraisal for resale so values are determined in different manners.

Are appraisals necessary?

Because much private, corporate, and public wealth lies in real estate, the determination of its value is essential to the economic well-being of society. It is the job of the professional appraiser to determine these values by gathering, analyzing, and applying information pertinent to a property.

Unquestionably, the professional opinion of the appraiser, backed by extensive training and knowledge, influences the decisions of people who own, manage, sell, purchase, invest in, and lend money on the security of real estate. And because the appraiser is trained to be an impartial third party in the lending process, this professional serves as a vital "check in the system," protecting real estate buyers from overpaying for property as well as lenders from over lending to buyers.

How long does an appraisal take?

The physical inspection of the real property being appraised can take from approximately fifteen minutes to several hours, depending upon the size and comlexity involved.

After the initial inspection of the property the appraiser spends time touring through the neighborhood or area. The purpose of this tour is to search for comparable sales (other properties that are similar to the property being appraised) that have sold within the last six months to a year or so. When the field work is finished, the appraiser completes the report at his office. The report can consist of a short form report (typically under ten pages) to a long narrative report which can sometimes exceed a hundred pages. A short form report usually takes between three to six hours to complete. A narrative report can take weeks or sometimes even months, depending upon the complexity of the assignment. Most appraisals with Liberty National Appraisals can take 48 - 72 hours. In most cases, your appraisal will be turned around within 48 hours.

What does the appraiser look for?

Typically, an appraiser needs to document the condition of the property, both inside and out, from the layout and features to degree of modernization including any updates as well as the overall quality of construction. This information will help to assist the appraiser throughout the valuation and comparison process.

The appraiser estimates the square footage (GLA - gross living area), by measuring the exterior of the home. Non-living areas, such as garages or covered porches, aren't included in GLA, but are accounted for and considered in value seperately. Finished basements are also calculated separately from the above-ground GLA. The local market will dictate the contributory value of the finished basement, which can be influenced by governmental regulations, the degree of modernization, the quality of the finish, and other factors.

The appraiser will generally consider only permanent fixtures and real property. Because many above-ground swimming pools and small sheds are not permanent structures, they typically usually aren't included in the valuation. Depending on the specific installation process and local custom, however, an above ground pool or small shed might be considered part of the real property.

What improvements add the most value to my home?

Just how much any particular individual improvement might add to your home's market value, what appraisers typically call the contributory value, can often vary widely from market to market, dictated by the wants and needs of each neighborhood. However, a local appraiser familiar with your market can help you figure out the best home-improvement value.

I am refinancing my house with a local bank. If my bank appraisal comes out higher than my tax value, will my taxes go up?

They shouldn't. The bank appraiser is expected to maintain confidentiality with the client, which in this case would be the bank, not the local tax authorities.

I recently refinanced my house. Am I entitled to a copy of my appraisal?

That depends on the bank, which in most cases is considered the client for the appraisal. Contact your lending institution with any questions about valuation or the appraisal.

When hiring an appraiser, what types of questions should I ask?

The following questions would be appropriate:

• What professional designations do you have and from whom?

• Are you licensed or certified in the state in which you live?

• How long have you been in practice?

• What level of experience do you have in this particular market and with this type of property?

• Are you familiar with property in this neighborhood?

• What types of clients have you had (homeowners, estates, lenders, relocation companies)?

I'm a Real Estate Professional (Broker, Loan Officer, Real Estate Appraiser), and would like to join Liberty National Appraisals. How do I join Liberty National Appraisals?

To join Liberty National Appraisals, you will need to complete the appraisal management registration. Register Now!

When in need of an appraiser, why should I hire a member of Liberty National Appraisals?

Liberty National Appraisals members earn professional designations that mandate stringent educational requirements, considerable professional experience, and adherence to standards of professional practice that exceed those required by state or federal law, making Liberty National Appraisals your preferred source for high-quality real estate appraisal services.

Is Liberty National Appraisals limited in geographic coverage?

Liberty National Appraisals is an appraisal management company servicing customers nationwide across 50 states (United States). We currently do not service International countries.

Who may directly pay an appraiser for appraisal services?

Only the lender or a third party specifically authorized by the lender (including but not limited to appraisal companies, appraisal management companies (AMCs), and correspondent lenders) may directly pay an appraiser for appraisal services.

Lenders may charge the broker or the borrower for the appraisal fee. An AMC may accept the appraisal fee from the broker or the borrower, provided:

• The AMC is specifically authorized by the lender to act on its behalf,

• The AMC accepts the borrower's/broker's payment on behalf of the lender and not on behalf of the appraiser,

• The AMC selects, retains, and provides for payment of all compensation to the appraiser on the lender's behalf, (not the borrower's behalf),

• The appraiser's client is the lender and the appraiser correctly identifies the lender as the lender/client on the appraisal report,

• The lender has policies and procedures in place that comply with the Code, and

• The lender ensures that the AMC has policies and procedures in place that comply with the Code.

What payment options are available when ordering an appraisal?

Liberty National Appraisals accepts the following payments: Personal Check, Money Order, Cash, Visa, Mastercard, American Express, Discover, and Paypal.

I have a question but don't see it covered in this section. What do I do?

If you're not able to find answers to your questions, please email us at info@libertynationalappraisals.com or CALL 877-810-2523.

Mortgage News & Updates

What does it mean to adopt the Home Valuation Code of Conduct on May 1, 2009?

Lenders must represent and warrant that as of May 1, 2009, they have in place the structure, policies, and procedures required to comply with the Code and that appraisals used for mortgages with application dates on or after May 1, 2009, were obtained in a manner consistent with the Code.

What loans are impacted by the Home Valuation Code of Conduct?

On and after May 1, 2009, Freddie Mac will not purchase mortgages from Sellers that do not adopt the Code with respect to single-family mortgages that are delivered to Freddie Mac.

Will the Code apply to mortgages with application dates that precede May 1, 2009?

No. Mortgages with application dates prior to May 1, 2009, that are delivered after May 1, 2009, are not required to comply with the Code. However, beginning with deliveries on May 1, 2009, lenders must represent and warrant they have in place the structure, policies, and procedures required to comply with the Code.

How will you handle issues and concerns raised by customers as the Code is implemented?

Freddie Mac will work with our customers to address any issues or concerns regarding implementation of the Code. We will maintain ongoing contact through our various communications channels including newsletter articles and Web content. If customers have immediate questions, they should contact their Freddie Mac account representative or send an email to us at our Home Valuation Code of Conduct mailbox.