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In the ultra-competitive Westchester market, the odds were stacked against Heather Harrison and her client. “The client went to highest and best on Monday at 5 p.m., and I counseled my client to bid accordingly, waive his mortgage contingency, then we bid $1.45 million and we got it.”
Challenging the results of the appraisal for mortgage financing. The first thing to remember as a consumer or real estate agent, is that the client is the lender, not the consumer. The lender obtains the appraisal to ensure that the collateral is adequate for the loan (remember the three C’s of credit, capacity, and collateral).
When real estate agents and appraisers work together seamlessly, clients benefit from well-informed decisions, transactions become smoother, and professional relationships are strengthened. A mutually respectful partnership ensures that each of their clients receives informed advice, leading to confident decisions.
What is a MortgageAppraisal? A mortgageappraisal is an appraisal that is done for mortgage lending purposes. Lenders, including banks and mortgage companies, require an appraisal to justify the loan they are making. Who is the Appraisal for? This is called equity.
Withholding or threatening to withhold timely payment for an appraisal report or appraisal services rendered when the appraisal report or services are provided in accordance with the contract between the parties. A Few Basics.
Withholding or threatening to withhold timely payment for an appraisal report or appraisal services rendered when the appraisal report or services are provided in accordance with the contract between the parties. A Few Basics.
This article discusses what an appraisal requires, why it needs to be reviewed and the methods involved in arriving at both conclusions. What Is an Appraisal? An appraisal is the fair valuation of a property based on a professional’s opinion, mainly if the payment method includes a mortgage. Resolves Legal Conflict.
My first appraisal job was updating data records for an assessor’s office, converting to computerized valuation in the mid-1970s. Some AMCs may use appraisers for data collection at a reasonable fee instead of Uber drivers with 3 weeks of training. I would love to have all my clients email me the appraisal order.
This is shorthand that every experienced appraiser knows and understands please dont @ me Market Condition Adjustments Illustration Fannie Mae guidelines emphasize that adjustments made to comparable sales are based on market changes between the contract date of the comparable sales and the effective date of the appraisal.
CDEI, MNAA Excerpts: Typically, this time starts when the comparable goes under contract, then ends on the effective date of the appraisal. CDEI, MNAA Excerpts: Typically, this time starts when the comparable goes under contract, then ends on the effective date of the appraisal. times 42-days or $5,523. See the dilemma?
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