Appraisal Changes May Affect Your Next Real Estate Deal
May 30, 2009 by Kristin LaVanway · Leave a Comment
| One of my favorite lenders, Brian Yampolsky of Orion Mortgage, posted a very informative video about some big changes in the way real estate appraisals are being managed. Appraisals are always required if you are financing your real estate purchase, so these changes will affect the majority of real estate transactions in the future. | |
| Real estate appraisors have been under close scrutiny since the glut of mortgage fraud so deeply affected the real estate industry in the last few years. Apprasors have become very conservative in the estimates of value, so it is very rare to see appraisals coming in much above the selling price.
These latest changes affect timing and costs of appraisals. Under the new system, lenders cannot order apprasials directly, but must work through a third party. I have already seen a signiicant increase in the time it takes to receive an appraisal – as much as 10 days where it used to 1-2 days. Costs will also go up as the extra overhead to manage this new system will most lilely be passed on to the consumer. What does this mean for you? Financing your real estate purchase becomes more and more challenging every day so it is vital that you contact a reliable lender as soon as you can to start the process. Be sure to pick a lender who is well-informed and will go to the mat for you as escrow proceeds. Be wary of 1-800 types who view as just another manilla folder. Choose a lender who answers the phone and gets the job done. If you are not sure who to choose, consult your real estate agent – they know who the good ones are! |
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I am a Realtor in Gilbert, AZ, working with clients throughout the Phoenix Metro area. I am lucky to love what I do and appreciate the difference I can make in people's lives.
In a previous life, I was a rocket scientist - really! - but decided to step away from corporate America to be a Mom to my four boys. Found it hard to do bake sales, so I ran a small independent programming business instead.
Flash forward...I am now a single mom and I face many, many challenges everyday. I am living through the hardships that many are facing in this economy. These experiences have motivated me to help other people in my shoes.
I have teamed up with Dean Ouellette to form the East Valley Team - the best darn team in the Valley. Check out our site at http://www.EastValleyTeam.com. I spend way too much time on YouTube - check ou tmy channel at http://www.youtube.com/klavanway
