The do's & don'ts of home appraisal
Contributed by the S.C. Department of Consumer Affairs

With the weather warming up and spring season in full gear, many homeowners are looking to spruce things up around the house with a little remodeling by using a home equity loan. Others are looking to cash in on the economic stimulus package by purchasing their very first home. Before making those home improvements or purchasing a house, a lender will need to obtain an appraisal before approving a loan.

According to the South Carolina Professional Appraisers Coalition, individuals seeking the help of an appraiser should be aware of the following guidelines.

• An appraiser can accept an appraisal request with an approximate or minimum value that is needed by the client as long as the value is not a condition of the assignment.

• An appraiser can accept an appraisal request that includes a third party's (including the owner) opinion on the value of the property.

• An appraiser can receive incentives to complete the appraisal in a timely matter as long as all gifts are properly disclosed in the appraisal report.

• An appraiser can complete an appraisal pro bono as long as the appraiser follows Uniform Standards of Professional Appraisal Practice (USPAP) guidelines.

• An appraiser cannot guarantee a value.

• An appraiser cannot guarantee the same value or loan amount as a nearby property but can provide sales data of property in the vicinity.

• An appraiser cannot stop an appraisal if the value is not going to reach a client's "target value."

• An appraiser cannot guarantee a value at the high or low end of a provided range before an appraisal.

• An appraiser cannot offer a discount on an appraisal if the appraisal results in a sale or closed loan.

• An appraiser cannot misrepresent or omit buildings, structures, or other property in an appraisal.

For more information visit www.llr.state. sc.us/ pol.asp or contact the Public Information Division at 803- 734- 4190, toll free in SC at 1- 800- 922- 1594, or online at www.scconsumer. gov.