“I just bought the property for $800,000 but it is worth $1,000,000 now, and I would like to refi using the higher appraised value…” We get emails like the above […]
Economist Milton Friedman famously said, “Inflation is always and everywhere a monetary phenomenon.” (meaning that it is always caused by increases in the supply of money) But, when it comes...
Recently, I blogged about why Private Mortgage Insurance is “Awesome,” pointing out why its stigma from the 1990s is so underserved. One of the many benefits of PMI is using […]
Cutest House I Ever Saw I have been in the mortgage industry since 1994 and have seen thousands of homes in every setting imaginable. And the cutest house I have […]
We often pay for purchase appraisals upfront on behalf of clients for a few reasons. Rush Fees: We pay a large rush fee that we don’t charge our clients and […]
14-DAY CLOSES ARE BACK! We are bringing our 14 Day Closes back in full force now, but with certain caveats. We cannot close the following transactions in 14 days: (1) […]
The appraisal review requirement is one of the reasons why jumbo loans take at least a week longer to close than conforming (Fannie/Freddie) loans.
Our Zillow rep told us yesterday that searches for new homes are down 25% from recent months, as buyers appear to be “fatigued” and are putting their searches on hold. […]
A few months ago, we had a purchase with two units on one lot. It had two addresses and two electrical meters, and our underwriter insisted it was a duplex – effectively killing our deal. So,...
Unless you plan on paying all cash for your new property, you will likely need a home appraisal in California. But “appraisal waivers” are becoming increasingly common now for certain types of...
One of the most frustrating and expensive aspects of our business is dealing with low appraisals. It is frustrating because borrowers invariably blame us for the problem – even though […]
APPRAISAL COMES IN LOW We had an appraisal come in slightly under contract price this week. What made it a surprise was the fact that there seemed to be ample […]
Whenever the market heats up like this, particularly in the springtime, appraisals invariably come in low. This is simply because there are often no closed comparable sales (comps) that even...
The shortage of qualified appraisers is worse than ever for several reasons: Demand exceeds supply. The continued surge in both refinance and purchase transactions has created a situation where the...
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