Posts

Options When Appraisal Comes in Low

We have a highly skilled & fair appraisal panel, but in today’s hot housing market, sale prices are sometimes above the value an appraiser can fairly attribute to a home. Here are a buyer’s options when an appraisal comes in lower than the purchase price: 1. Renegotiate a price reduction with the seller. This option […]Read More

Appraisals Are Not Public Record; FHA Sometimes

Appraisal Are Not Public Record We “inherited” a transaction from another lender today b/c their appraisal came in too low. That lender tried to convince the Realtors, however, that the low appraisal was effectively “public record” and that it would do no good to go to a new lender (the current lender was hoping to […]Read More

Loans Are About Rules/Regulations & Not About “Making Sense”/Logic

We have a very strong borrower whose loan is held up right now b/c the appraiser is unable to find rental data (for a rent survey) that is necessary for an FHA triplex appraisal. We and the borrower (and the appraiser) are extremely frustrated b/c we all know market rents are much higher than available […]Read More

What To Do If Seller Refuses To Do Required Repairs?

We are often asked what to do when a seller refuses to perform required repairs. This happens when appraisers call out repair items like missing floor coverings when we have a VA purchase requiring a clear Section I, or when a seller is a Bank selling an REO. Our only choice in these situations is […]Read More

Appraised Value Is Not Market Value; Solution?

We have a transaction in which two buyers (both are clients of ours) are more than willing to pay $1.2 million for a property in Oakland with an appraised value of only $950,000. There are probably more buyers in the wings willing to pay a similar price. The appraisal came in so low b/c of […]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

FHA MI Reminder; Fix Properties Before Appraiser Visits

Quick Reminder: For most FHA transactions, FHA Monthly MI is now 1.25%, and FHA Up Front MI is now 1.75%. We recently had an appraiser call for “health and safety” repairs that easily could have been avoided. The cause was an old, outside stairway with “caution tape” over one of the stairs. The issue could […]Read More