Tag Archive for: appraisers

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

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)

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

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

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

RATES 3/8% HIGHER NOW 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 […]Read More

Appraisers Can’t Ignore Low Comparable Sales; Agents Should Not Either

APPRAISALS COMING IN UNDER CONTRACT PRICE B/C MARKET’S SO HOT We are seeing appraisals come in under contract price more frequently than normal again b/c the market is so hot […]Read More

Computers Replacing Appraisers – Coming Soon? Hopefully Not

APPRAISAL STORIES Story #1 We had a borrower come to us a few weeks ago to refinance b/c she needed cash to repair the inside of her home that had […]Read More

Repairs Prior to Close or Prior to Owning the House

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

Local California Lender Is Better!

The Wall Street Journal featured an article recently that stressed that buyers in a competitive market, like California, need a local lender with a stellar reputation, an ability to close quickly, great communication skills, and local appraisers.Read More

Not Enough Appraisers For Current Loan Volume; Thankless Job

Due to the very low rates and recent surge in loan volume, there are simply not enough appraisers to meet the current demand. We are temporarily quoting 10 day appraisal contingencies, which is much longer than typical for JVM but still far faster than industry averages right now.Read More

Paying More Than Appraised Value? Why? Appraisal Not Market Value

Several realtors have asked why borrowers are willing to pay over appraised value. There are several reasons that we have observed: (1) the buyer is a 27 year old social […]Read More

Major Appraisal Issues; Please Read; Not Market Value; Other Issues

As predicted, we are seeing many more appraisal issues surface this year. A few reminders/things to note: 1. Appraised value often does NOT reflect market value. This scenario surfaces all […]Read More

“Save This Deal, JVM!” Appraisers Can’t Ignore Glaring Issues

We got an email from a Realtor that said: “Save this Deal, JVM.” I point that out b/c we get similar emails every week b/c rookie loan officers at other […]Read More

“As Is” Deal? Clean Up MLS, Social Media, Contracts

We had an “as is” transaction blow up last week b/c the appraiser referenced (rightfully so) some very negative inspection reports that were posted and referenced on MLS. The rookie […]Read More