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Unfortunately, the appraisal put the house’s value roughly $50,000 below than what she paid. With others waiting in line behind her, the seller wouldn’t budge on price. Linda had a sizable downpayment but still needed to find a way to close the appraisal gap. Sellers are surely getting greedy.”.
This entire year, I’ve been blogging once a month with the purpose of assisting loan officers to better understand the appraisalprocess. So far, we’ve covered communication with the appraiser, reconsiderations of value, FHA appraisals and a few other topics you should definitely go check out.
Appraisal Tips For Real Estate Agents As a real estate appraiser with over 30 years of experience, I have seen many changes and challenges in the appraisal profession and the real estate market. I believe that appraisers and agents have a common goal: to help their clients buy or sell a home.
Other nontraditional uses for an appraisal include valuation for insurance companies, helping sellers arrive at a market value to list their home, estate planning, and tax appeals. Other users might be sellers, mortgage underwriting, banks, and contractors. Steps in the AppraisalProcess. Conclusion.
For the above reasons, it is very important for accurate valuations during the home-buying process. While the agent acts on behalf of their seller, it is important for their pricing strategy to also be based on the most up-to-date and accurate market data.
All sales were cash or seller financed and the sales were significantly lower than nearby condo or townhome projects. The changes are meant to streamline the appraisalprocess by removing a layer of oversight. The announcement marks a significant change regarding appraisal reviews. Most units were townhomes.
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