Appraisal Authorization and Disclosures

Last Revised: October 15th, 2024

As a part of assisting you, the prospective applicant, in preparing to apply for your renovation loan with a RenoFi partner lender, at your consent, RenoFi may order an appraisal of your home that takes into account the current (As-Is) value and After Renovation Value. This appraisal, if you do apply for a RenoFi renovation loan, will be required by the lender to evaluate your home’s value.

RenoFi’s role in this process is strictly coordinating the order - the appraisal belongs to you and is for your benefit.
Importantly, if you decide to proceed with a formal loan application, the appraisal, based upon your consent below will become the property of the prospective RenoFi partner lender.

IMPORTANT:

Although the appraisal is an invaluable tool in assessing your project there is no guarantee that you will be approved for a loan from a RenoFi partner lender and it is possible that this appraisal may not be applicable if you should decide to apply elsewhere. You may apply for a loan with a RenoFi partner lender, or any other of your choosing, without an appraisal. An appraisal also does not guarantee that your property will be valued at any specific valuation; appraisers are required to meet standards provided under USPAP (Uniform Standards of Professional Appraisal Practice) and exercise independent judgment.

If you agree to proceed with an appraisal, you will be billed directly by the Appraisal Management Company for the required fee for this appraisal. The appraisal could vary in cost based on renovation size, complexity, and geographic location. You’ll know what the cost is beforehand - please see our FAQ for some additional information. RenoFi facilitates an order only and does not accept or make payments on your behalf.

You have a right to receive a copy of the appraisal and we will provide a copy of the appraisal report to you when it’s ready. If you review your appraisal report and believe it is either unsupported, deficient due to unacceptable appraisal practices, or reflects prohibited discriminatory practices, you will be able to request a Reconsideration of Value (“ROV”). We will provide you more details on how to submit a ROV request, including the additional information required to support your request, when we deliver your appraisal report. Please keep in mind, if your appraised value is lower than you expected, this doesn’t necessarily mean your appraisal is flawed or that another appraisal would yield a higher appraised value.

By proceeding, you authorize RenoFi to order this appraisal on your behalf, and you acknowledge and consent to the transfer of the appraisal to the RenoFi partner lender, if you do apply. You also acknowledge receiving notice that you are entitled to a copy of the appraisal report, that a copy will be provided to you, and that you can initiate an ROV request under certain circumstances.