Tag Archive for: appraisers

$839K Listing Sells For $300K Over; Provides Two Great Appraisal Lessons!

/in , ,
Per our client’s agent, there were 22 offers – and our client’s $1,150,000 offer was not even in the running. So, we’re assuming the home sold for close to $1,200,000, but we won’t know for sure until it closes. The home is a 1,600 SF, 3/2 with a 1-car garage, built in 1948. AND – IT PROVIDES TWO EXCELLENT APPRAISAL LESSONSRead More

Why You Don’t Want Appraisers To Push Values! Rate Cut Nazi: “No Cut For You!”

/in ,
We had an appraisal sliced to ribbons yesterday by a review appraiser, and that was the impetus for this blog. The appraiser thought he was doing us a favor by coming in at contract price, but unfortunately that was not the case. If the appraiser had come in a bit low to begin with, given the lack of adequate comparable sales to support the contract price, there likely would have been no call for an appraisal review – and we’d now have a much higher value to work with.Read More

Are Lenders Allowed To Speak With Appraisers?

/in ,
Prior to 2008, if you walked through the halls of any mortgage business, you would hear loan officers on the phone with appraisers cajoling them to give them a value they needed for a refinance or a high purchase price. Most appraisers pushed back, but they also knew that if they didn’t play ball, they might not get more orders.Read More

Why Appraisers Don’t Appraise Over The Contract Price

/in ,
Some of our borrowers, who are well aware of comparable sales and market conditions, often become very frustrated when appraisers fail to appraise the homes they are buying for more than the contract price. SIDEBAR #1: Will Capital Investment Save The Economy? James Thorne is one of many who think it will, posting, "Ignore the bubble calls. We have a Goldilocks economy and capex super cycle.” Mr. Thorne, like President Trump, believes that the massive amount of investment for AI, energy, and the reshoring of manufacturing (by other countries) will keep the economy humming.Read More

Can Appraisers Use Comps From Other Cities? Appraisal Reminders; Fake Rate Quotes

/in ,
Loan officers know they don’t have to honor a rate quote when they are pre-approving a borrower (before the borrower’s even making offers). Hence, many loan officers quote rates that are below market. We saw this happen over the weekend, in fact, when one of our pre-approved borrowers was quoted a below-market rate by a lender with notoriously high rates (prompting me to type this reminder).Read More

10 Important Appraisal Considerations Every Agent Should Know

/in ,
We’re seeing more low appraisals than in the past - primarily because markets are softer and appraisers are reluctant to push values to the top of the comp range. Agents should prepare their clients – unless the comparable sales are particularly strong.Read More

False Jobs Reports = Very Big Deal; Assessed Value Has NO Impact On Appraised Value

/in ,
Remember all those stellar BLS jobs reports that sent interest rates higher almost every time they were released? Well, it turns out every one of them was wrong. If you can’t trust the government, who can you trust?Read More

Appraisal Waivers Galore – But NOT for CA; Key Reminder For Borrowers Making Multiple Offers

/in ,
The total number of appraisers is dwindling so fast that Fannie and Freddie are desperately looking for solutions – and appraisal waivers are just one of them.Read More

“It’s Raining Low Appraisals” Why & What To Do

/in ,
We have seen an onslaught of low appraisals recently. The primary reason is that the market is heating up in some areas – so offers are coming in that are higher than all of the closed comparable sales in the immediate neighborhood.Read More

Provide Rental Comp Data to Appraisers (More Important Than You Realize)

/in ,
We have had numerous deals almost die or come close to dying over the years – solely because our appraisers could not find adequate rental comp data. There are several […]Read More

#1 Factor Zillow Estimates Get The Most Wrong (Why We Need Appraisers)

/in ,
I lived in the same neighborhood for over 20 years and did hundreds of loans within the area – so I knew every nuance of the area. As a former […]Read More

6 Things That Terrify Appraisers

/in ,
Here are a few things that really scare appraisers. 1. Unusual Properties. Unusual properties include those with acreages, odd structures (e.g. a round house), multiple dwellings on one lot, adverse […]Read More

The Need For Speed; 14-Day Closes; Appraisals Remain The Problem

/in ,
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) […]Read More

Rates Up Again! Why Nervous Appraisers Sometimes Appraise Lower Than We Expect

/in ,
Interest rates continue to climb in response to positive economic reports (strong retail and home sales numbers), inflation concerns relating to both price signals and massive increases in the money supply, and President Biden’s $1.9 trillion COVID Relief package.Read More