Posts

Danger! Dry Rot! This Deck Will Kill You! (Condition Flags)

We recently had an appraiser visit a condo for an “as is” purchase appraisal, and there was a large sign stapled to the deck that said: “Danger. Dry Rot. Do NOT Stand On Deck!” Needless to say, the “as is” deal came to a screeching halt until the issue could be addressed. This was a […]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 the time: There are ten offers above $900,000, but the appraisal comes in at $850,000 b/c there are simply no “closed” comparable sales available that […]Read More

Appraisal Issues and Reviews More Prevalent in 2016

We are seeing appraisal issues surface much more frequently lately. These include many more underwriter requests for 2nd appraisals or formal appraisal reviews, as well as low appraisals. A major reason for this is Fannie Mae’s increased scrutiny of appraisals in areas with a lot of appreciation. Fannie’s automated underwriter (DU) now calls for an […]Read More

Appraisal Horror Story That Could Have Been Avoided Easily

Our top producing realtors take appraisals very seriously. They zealously ensure inspection dates are set promptly, and they often show up to meet the appraiser whether they are listing or selling agents. They often show up with comps in hand and a friendly smile even if there is a lock-box at the house or a […]Read More