Tag Archive for: appraisals

Two Guaranteed Appraisal Killers: Overstating Square Footage & Including Expensive Personal Property In MLS/Contract

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OVERSTATING SIZE BY INCLUDING DETACHED UNITS In September, I blogged about a Realtor who vastly overstated the value of his own home because he included the square footage of his […]Read More

When to Expect High Appraisal Fees and/or Appraisal Delays

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We recently had a Texas transaction involving a large acreage with a 1 bedroom home and an accessory dwelling unit. It took us a few weeks just to find an […]Read More

Appraisal Conditions and Health & Safety Issues to Watch For!

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Realtors are often frustrated about “condition” and “health & safety” issues that get called out by appraisers, and they come to us for guidance. They obviously want to avoid getting […]Read More

When Zillow Misleads Homeowners

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First, I reluctantly have to admit that Zillow really does have impressive algorithms, that sometimes yield surprisingly accurate results. But, Zillow also often badly misleads homeowners, creating huge issues for lenders and agents alike.Read More

No Appraisals For Loans Under $400,000; “New Home Premium;” Appraised Value’s Not Market Value

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I want to share a few more interesting comments about appraisals today. On Wednesday I blogged about how appraisers can’t ignore comps that don’t support value. The agents wanted us […]Read More

Why ALL Lenders Must Pay Appraisers Extra and Promptly!

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AGENT SENDS COMPETING LOAN OFFICER TO US FOR ADVICE An agent we know well recently referred another loan officer to us to get advice in regard to how to finance […]Read More

How Much Is a Huge Lot Worth? Appraisal Adjustments for Lot Size

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In response to this blog about the value of in-law units, I received numerous other appraisal-related inquiries including a few questions about lot-size. Agents are often frustrated because they think […]Read More

Appraisers Need Ratified Contracts & Comps That Close Prior to Inspection

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APPRAISERS NEED RATIFIED CONTRACTS This is a reminder that we need a fully ratified contract (signed by all parties) before we can order an appraisal. This is a regulatory requirement […]Read More

Comparable Sales Appraisers Can and CAN’T Use

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Hot housing markets tend to foster appraisal issues due to buyers trying to be as aggressive as possible with their offers – where they oftentimes are offering well over market […]Read More

Repairs Prior to Close or Prior to Owning the House

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Appraisers often call out condition, health and safety, or repair issues that need to be addressed prior to close. Examples include missing floor coverings or water-heater straps, or peeling paint. […]Read More

When Zillow Misleads Homeowners! Why It Matters & What to Do?

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I reluctantly have to admit that Zillow really does have impressive algorithms, that sometimes yield surprisingly accurate results. BUT, Zillow also often badly misleads homeowners, creating huge issues for lenders […]Read More

What’s The Difference Between an FHA and VA Appraisal?

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Agents and borrowers alike often find the appraisal process confusing and opaque – it’s why we consistently field questions on what appraisers look for when inspecting a property and how […]Read More

Appraisal Horror Story; Appraisal Success Story! “Appraisal Manager”

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APPRAISAL HORROR STORY Back when we were in the Broker Channel (when we sent loans to outside lenders for underwriting), we ordered a purchase appraisal in a high-end Bay Area […]Read More

Adverse External Influences On Appraisals – Explained

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Adverse External Influences “Adverse external influences” are structures or entities near a property that negatively affect its value. Appraisers often use the phrase “External Obsolescence” when describing these influences. Adverse […]Read More