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Do Appraisal Gap Clauses Impact Appraisals?

Cleveland Appraisal Blog

An appraisal gap clause can be written into a contract. It states that the buyer will still purchase the home at the contract price, even if the appraised value is lower than the contract price by a certain amount. In this hot market, it’s not surprising that this type of clause is being written into some contracts.

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FHFA analysis finds racial disparity in appraisers’ use of time adjustments

Housing Wire

Underappraisals According to the analysis, when the appraiser came in at below contract price, called underappraisal, appraisers made time adjustments in 64% of the properties. Racial disparities remained even after the time adjustment process: it brought 52% of white tract appraisals below the contract price to above the contract price.

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Zillow launches buyer agreement for home tours

Housing Wire

On Tuesday, Zillow announced that it will be offering a nonexclusive contract for buyers and agents to use for home tours ahead of the rule changes being implemented in July. According to the blog post, Zillow is not required to offer consumer-facing agreements by the terms of NAR’s settlement agreement.

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How are appraisers handling concessions?

Sacramento Appraisal Blog

Could a seller credit damage the chance of appraising at the purchase contract? first appeared on Sacramento Appraisal Blog | Real Estate Appraiser. These questions weren’t asked a year ago, but welcome to the 2023 housing market. The post How are appraisers handling concessions?

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The state of the homebuilding market

Housing Wire

Our upcoming State of the Residential Construction Industry (SORCI) Report will reflect how builders have braced for impact: Despite the rate of new contracts slowing, margins didn’t decrease. of builders showed profitability with $1 million plus contracts on average. Homebuilding Contract Values.

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No Time Adjustments!?

George Dell

The FHFA blog post of 1/16/2024 defines “underappraisals” as those loan appraisals which come in below the contract price. Appraisal time adjustments are also labeled as “market conditions” adjustments. Or, more recently in Evidence Based Valuation, “Market Price Indexing (MPI)©”. appeared first on George Dell, SRA, MAI, ASA, CRE.

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Ubitquity inks deal to build out blockchain platform for Rainier Title

Housing Wire

According to a blog post by Ubitquity, Rainier Title will be providing its clients tokens that represent their property. The company’s smart contract module, a blockchain-based smart escrow contracts product named SmartEscrow , aims to reduce overhead costs and mitigate risks.