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An increasing number of individuals in this age bracket are choosing to pool their money and purchase residences with friends rather than facing these financial obstacles alone. An underwriting tool called AutomatIQTM Borrower, which enables quicker and more dependable decision-making, is an illustration of this innovation in lending.
Right now on our Appraisal Blog, we’re all about helping Loan Officers. This post is part five of a 12-part series we’re calling The Loan Officer’s Guide to Appraisals. So far in our series, we’ve looked at final inspections, lending on unique homes, communication with the appraiser, and reconsiderations of value.
For the past six months, I’ve been blogging with the purpose of assisting loan officers to better understand the appraisal process. So far, we’ve covered final inspections, lending on unique homes, communication with the appraiser, reconsiderations of value, bracketing and FHA appraisals.
Right now on our Appraisal Blog, we’re all about helping Loan Officers. This post is part six of a 12-part series we’re calling The Loan Officer’s Guide to Appraisals. The post The Loan Officer’s Guide to Appraisals Part 6: How are FHA Appraisals Different From Others? appeared first on Riverfront Appraisals.
Appraiser and Agent Collaboration is a Good Thing The importance of collaboration between real estate agents and appraisers can be a touchy subject. On one hand, the real estate agent’s main goal is to advocate for their client while the appraiser must be an impartial and non-biased third party.
“Why is an appraiser asking me about an old comp?” The appraisal report is not for lending: The overwhelming majority of appraisal reports are written for a lending institution due to a sale or refinance—certainly over 90% and most likely approaching 99.9%.
Recently, the rural housing landscape has sparked discussion about its lending, affordable housing availability, housing shortages and outreach to underserved demographics. The result is loan delays, frustrated consumers, lost loans, rate lock complications, annoyed appraisers and lost productivity. Limited appraiser availability.
Recently, the rural housing landscape has sparked discussion about its lending, affordable housing availability, housing shortages and outreach to underserved demographics. The result is loan delays, frustrated consumers, lost loans, rate lock complications, annoyed appraisers and lost productivity. Limited appraiser availability.
How do you feel when an appraisal revision request pops up in your inbox in the morning? You already painstakingly checked your appraisal report the previous night before hitting ‘send’ and now you’re on your screen the next day, making revisions to the same report under a tight deadline! . How to prevent appraisal revision requests.
As an appraisal quality leader and former field appraiser, I know firsthand that working in the real estate appraisal industry can be a wild ride. Due to emerging shifts in the mortgage loan market, there is a heightened sense of urgency to review the conventional loan appraisal guidelines. . Location, location, location.
Streaking through the atmosphere is a meteor scientists have dubbed “the appraisal”; it came of out nowhere and impacts your deal at hypersonic velocity, obliterating it in an instance. If so, you’ve probably run through the five stages of grief: 1) Denial—there’s no way that idiot appraiser killed my deal! There must be some mistake.
Appraising Fixer Uppers Excerpts: We’re all familiar with the term “fixer-upper.” The degree and cost to cure becomes an issue to buyers and sellers, and a challenge for appraisers. The rest of the post is a very good case study To read more, click here My comments: I have appraised many fixer-uppers.
An Interesting Trend Among New Homes As a residential real estate appraiser in the Birmingham, AL market for over 30 years I have seen many changes in new home construction. After the crash, there was a decline in the size of homes which may have been brought on by more conservative lending practices due to the crash.
They should be well known, respected among agents in the area, and highly specialized in mortgage lending. Consider writing into the offer that you’ll purchase the property regardless of the appraised value. This is different than the appraised value which, these days as prices rise, can be lower than list price.
They should be well known, respected among agents in the area, and highly specialized in mortgage lending. Consider writing into the offer that you’ll purchase the property regardless of the appraised value. This is different from the appraised value which, as prices rise, can be lower than the list price.
They should be well known, respected among agents in the area, and highly specialized in mortgage lending. Consider writing into the offer that you’ll purchase the property regardless of the appraised value. This is different than the appraised value which, these days as prices rise, can be lower than list price.
If one would normally pay 20% based upon their tax bracket, they will pay 10% instead. We could even go so far as to allow for a further reduction of up to 60% of the capital gains tax liability if the condition of the sold investment property is C3 or better, as determined by an appraiser. Under this plan, that would drop to 7.5%.
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