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Within the past couple of weeks, I have appraised several properties for purchases, where my opinion of the marketvalue of these homes was significantly below the contract price. I also developed the replacement value, and I had comparable land sales from the neighborhood. Does this seem healthy to you? www.anchor.fm/cash-appraiserstats.com.
Perhaps they were drinking the Kool-Aid that some are drinking today, that marketvalue is whatever the purchase price is. Don’t drink the Kool-Aid that any contract price is reflective of marketvalue. I remember loanofficers telling me that I needed to be “creative” with my appraisals.
Welcome to the September edition of our blog series, The LoanOfficer’s Guide to Appraisals. This entire year, I’ve been blogging once a month with the purpose of assisting loanofficers to better understand the appraisal process. This month’s blog post will be all about new construction appraisals.
Welcome to the very first post in our all-new series The LoanOfficer’s Guide to Appraisals. In this blog post, we’re starting with the end. The post The LoanOfficer’s Guide to Appraisals, Part 1: The Final Inspection appeared first on Riverfront Appraisals.
are officially equity-rich, occurring when the combined loan amounts of these homes falls to 50 percent or less of their estimated marketvalue. Once you find a new home you love, your loanofficer will be ready and waiting to fast-track your loan to closing. Not only that, but 17.8 Want to move even faster?
On the other hand, they’re important for buyers because they may identify physical concerns that either require more qualified inspections or repair and confirm that they are paying the fair marketvalue. Never miss a post by subscribing to the Enact MI Blog! We’ll send you our most up-to-date topics right into your inbox.
For the record, I will state that the goal of every appraisal is to estimate the marketvalue of a home, usually for lending purposes. If you were buying a home and the loanofficer told you that they needed to get an appraisal this is what they were talking about.
May a representative of the lender provide an appraisal management company a list or a panel of appraisers to use for loans involving a specified mortgage broker, real estate agent, or loanofficer? Remember the old mortgage broker days of visiting an office and chatting with loanofficers? UPDATED No.
Banks are typically absolved from discrepancies between the amount they lend and the true marketvalue of the home meaning that they will not be held responsible to the buyer. The post New Homebuyer’s Guide To Appraisals appeared first on Birmingham Appraisal Blog. Appraisal vs Home Inspection.
In my previous blog posts titled “Round and Round” and “Pressure My Story”, I spoke to examples of how lenders and/or AMCs have been pushing and pressuring appraisers to hit certain values on transactions. If you haven’t read those blog posts, feel free to go back and have a look. Well, here we go a gain.
Do they have sound input on ways to maximize your property’s curb appeal and marketvalue? With the right team, including your PennyMac loanofficer, your experience will be as smooth as possible. With the right team, including your PennyMac loanofficer, your experience will be as smooth as possible.
This is important because loanofficers usually have different requirements than individual homeowners. Loanofficers are typically looking for an assessment of the condition of the house and a rough marketvalue to put on the mortgage documents.
percent of mortgaged residential properties in the United States were considered equity-rich in the second quarter, meaning that the combined estimated amount of loans secured by those properties was no more than 50 percent of their estimated marketvalue. appeared first on Cornerstone Blog.
The reverse mortgage appraisal report stands as a pivotal element in the loan application, influencing the terms and approval, making it an indispensable part of the entire process. When applying for a reverse mortgage, it is important to work closely with your loanofficer. How does an appraisal affect the reverse mortgage?
The owner will list his/her home with a skilled real estate broker for the current marketvalue and the lender will take less for the home than the amount of the borrower’s loan. In addition to the homeowner, only licensed lawyers, loanofficers and real estate brokers can conduct a short-sale negotiation.
In this blog, we will delve into the world of AMCs, exploring their evolution, core functions , regulatory framework, and the benefits they offer to lenders, homeowners , and buyers. This helps prevent overvaluation or undervaluation of properties, ensuring a fair and accurate representation of marketvalues.
Appraiser Coach Dustin Harris emphasizes : “It’s important for everyone to understand that the appraiser’s job in the end is to remain that unbiased third party, to truly tell the client what that home is worth in the current market, regardless of what decisions have been made on the price side of things. ”. For educational purposes only.
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