JMV Lending

JANUARY 20, 2021

Whenever an appraisal comes in under contract price, we work quickly to consider all options with both agents and buyers, and we can usually resolve appraisal issues within a day if everyone is responsive. Below are five of the options available when an appraisal comes in under contract price. Rebut the appraisal.

Appraisal 148

Appraisal Contracts Lending Agents 148

Appraisal Buzz

APRIL 15, 2024

By now, most appraisers are aware that Fannie Mae and Freddie Mac (GSEs) have embarked on a complete overhaul of the Uniform Appraisal Dataset (UAD). These codes, or language, make sense to appraisers but confuse uninitiated readers of our reports. It all starts with the standard appraisal forms used in the mortgage process.

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Appraisal Design Lending Technology 397

Housing Wire

JUNE 11, 2021

What’s the difference between a home inspection and an appraisal? Before you get overwhelmed, take comfort that critical milestones of home inspection, appraisal and closing processes are all great ways to get more acquainted with your prospective new home. An appraisal is a valuation of a property by a third party.

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Inspection Appraisal Buyers Appraisal Process 424

Housing Wire

APRIL 6, 2021

Unfortunately, the appraisal put the house’s value roughly $50,000 below than what she paid. Linda had a sizable downpayment but still needed to find a way to close the appraisal gap. She recently had a deal fall apart due to appraisal. How hybrid title and valuations help increase lending efficiency.

Appraisal 539

Appraisal Reconsideration of Value Real Estate Agent Sellers 539

JMV Lending

MARCH 8, 2021

Whenever the market heats up like this, particularly in the springtime, appraisals invariably come in low. This is simply because there are often no closed comparable sales (comps) that even come close to supporting current contract prices, especially when there are bidding wars.

Appraisal 148

Appraisal Contracts Lending Marketing 148

JMV Lending

MAY 28, 2021

Despite that fact, the market remains extraordinarily hot and we continue to see appraisals come in under contract price all too often. The post Appraisal Problems – 5 Options When Appraisals Come In Low appeared first on JVM Lending. This should not […].

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Appraisal Contracts Lending Buyers 139

Appraisal Buzz

JULY 5, 2022

We live in unprecedented times regarding appraiser scrutiny. Fannie Mae and Freddie Mac review appraisals using Collateral Underwriter and Automated Collateral Evaluation. State boards field complaints about appraisals, often when appraised value is below sales contract price. There is no such thing, not anymore.

Appraisal 221

Appraisal Finance Lending Contracts 221

JMV Lending

JANUARY 15, 2021

APPRAISALS COMING IN UNDER CONTRACT PRICE B/C MARKET’S SO HOT We are seeing appraisals come in under contract price more frequently than normal again b/c the market is so hot and buyers are bidding so aggressively.

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Agents Appraisal Contracts Lending 127

The Robert Weiler Company

JANUARY 2, 2021

Are you familiar with a land contract in Ohio, as well as the state-specific requirements? What is a land contract in Ohio, really? Essentially, a land contract is an alternative financing option if you’re investing in: Farmland or raw land. So, what is a land contract agreement, and how does it work? A home or condo.

Contracts 143

Contracts Tenants Legal Sellers 143

Appraisal Today

APRIL 19, 2024

Appraisal Institute Counters Flawed Appraiser Bias Narrative Excerpts: In reality, appraisers have a great story to tell, but we have a long way to go to refocus the terribly flawed “appraiser bias” narrative onto facts and science. Industry groups should also step up to support appraisers. It is human nature.

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Appraisal Contracts Valuation Design 68

Housing Wire

DECEMBER 21, 2023

The VA makes a guarantee to the lending institution for 25% of the loan amount and the lender is responsible for evaluating the eligibility of the borrower. This product allows a homebuyer to purchase a fixer-upper and finance the purchase and renovation in one loan based on the expected appraised value of the home after improvements.

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Mortgage Renovations Appraisal Process Finance 433

JMV Lending

APRIL 2, 2021

APPRAISAL COMES IN LOW We had an appraisal come in slightly under contract price this week. So, when the appraisal came in low, both agents, the seller […]. The post Appraisers Can’t Push Values; Must Avoid Reviews/Cuts appeared first on JVM Lending.

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Appraisal Contracts Lending Sellers 97

Appraisal Today

MARCH 15, 2024

How To Appraise Rural Properties Excerpts: Appraising residential properties in rural areas can be both challenging and rewarding. Whether you’re a seasoned appraiser or new to the field, having a better understanding of rural properties is essential for providing credible appraisals. Well written.

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Appraisal Inspection Modernization Business 70

JMV Lending

OCTOBER 4, 2021

AGENTS WERE LIVID WHEN APPRAISAL CAME IN LOW We recently had an appraisal come in $25,000 under contract price – and the agents were irate! They sent us comps that they insisted the appraiser should correlate to – but: (1) the comps were in another development a few miles away; and (2) the comps were […].

Agents 78

Agents Appraisal Contracts Lending 78

Appraisal Today

JANUARY 5, 2024

Bradley, SRA, CDEI, McKissock Learning On May 5, 2023, the Appraisal Standards Board (ASB) voted to adopt changes to the Uniform Standards of Professional Appraisal Practice (USPAP), which will become effective January 1, 2024. I suppose it is because most appraisals are done (now) for residential lending purposes.

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Appraisal Contracts Legal Business 76

McKissock

MARCH 2, 2021

As an experienced appraiser, you’ve likely encountered pressure to hit the purchase price or develop your appraisal based on a predetermined value. Webinar: The Market Value Doesn’t Support the Contract Price, Now What? Blog post: 9 Ways to Handle Appraisal Pressure. Video: Appraisers Who Hit Sales Prices.

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Appraisal Contracts Market Value Clients 103

Appraisal Buzz

JANUARY 11, 2022

Aspire Home Loans LLC, an independent mortgage banker, has signed a contract to implement Black Knight Inc. ’s These advanced capabilities will support first mortgages for Aspire Home Loans’ retail lending channel and help enhance the borrower experience, support its employees and help drive business growth.

Retail 195

Retail Contracts Lending Business 195

Birmingham Appraisal

FEBRUARY 20, 2024

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.

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Agents Appraisal Real Estate Agent Bracketing 86

Housing Wire

SEPTEMBER 1, 2020

Documents need to be collected, credit scores need to be checked, appraisers need to be arranged. Sales and contracts aren’t yet back up to normal levels, but the return of families – often for school – has meant more deals are being discussed, he said. There’s a lot of mortgages to be processed.

Loan Officers 403

Loan Officers Retail Lending Contracts 403

McKissock

JANUARY 6, 2023

How about one for you and your appraisal business? Most of us are fee appraisers who work independently. Our opportunity is time—it’s time to take stock of where we are and perhaps consider diversification or an alternative appraisal career. Here are a few ideas for transforming your appraisal career in 2023.

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Appraisal Training Lending Land Management 74

Birmingham Appraisal

AUGUST 23, 2023

How Can Appraisers and Agents Work Together? In the often chaotic world of real estate, the appraiser-agent relationship can contribute to a smoother process. There are many areas that appraisers and agents can inform and educate one another so that each of their jobs is done more successfully.

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Agents Appraisal Valuation Appraisal Process 82

Birmingham Appraisal

FEBRUARY 8, 2023

All Appraisals Are Not The Same All appraisals are the same, right? Not really, and today I’m going to explain the differences between several different types of appraisals that could mean the difference between a home appraising for contract price or not.

Realtors 77

Realtors Appraisal Market Value Real Estate Agent 77

Appraisal Today

DECEMBER 8, 2023

OK to average adjusted comps on appraisal? Basic Appraisal, but not all appraisers know about this, especially if they “appraise to fit the form” aka form fillers. Worth reading, plus the appraiser comments. Click here = Appraisers vs. Lenders. One of the best I have read. What Can We Do?

Appraisal 67

Appraisal Real Estate Contracts Design 67

Appraisal Buzz

MAY 17, 2021

During the 2007-10 mortgage default meltdown, appraisals were a target of complaints and allegations by lenders, the GSEs, some state appraisal boards, and a few unscrupulous entrepreneurs. Many allegations related to appraisals that used inappropriate comparable sales that were used to “make” a deal work.

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Appraisal Clients Real Estate Sellers 418

Housing Wire

APRIL 13, 2021

Rapidly accelerating home prices come with a variety of challenges for lenders and real estate agents, including one of the biggest pain points right now — the appraisal gap. If they get a higher offer that has financing, then when appraisal comes back, the buyer is going to renegotiate the sales price to be closer to appraised value.”.

Housing Market 532

Housing Market Buyers Marketing Real Estate Agent 532

Housing Wire

AUGUST 25, 2022

Instant Home Equity, an automated end-to-end digital home equity product for lenders, integrates income, identity verification, title, decision and property appraisal to save time and costs, Blend said in a release this week. trillion in the first quarter, according to the Federal Reserve Bank of St.

Property Appraisal 393

Property Appraisal Contracts Investing Lending 393

Appraisal Today

JULY 28, 2023

Keeping Appraisers out of Language Purgatory Appraisers: Be Careful with Your Words! by Dave Towne Excerpts: Appraisers, on July 17, 2023, a document from Freddie Mac was circulated to numerous appraisers around the US which identified certain words and other info that can be considered to be ‘BIASED’ in appraisal reports.

Appraisal 80

Appraisal Contracts Mortgage Clients 80

Town & Country Residential Appraisals

JULY 24, 2023

Recently, after completing a few courses and passing the exam offered by Appraiser eLearning through the National Association of Appraisers, I received a Certificate in Appraisal Review from their Professional Certification Board. Now why would one want to have an appraisal report reviewed?

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Appraisal Valuation Legal Contracts 56

Birmingham Appraisal

SEPTEMBER 15, 2022

What New Homebuyers Need To Know About Appraisals. In this new homebuyer’s guide to appraisals, I’ll help you understand the process during your first home purchase. I would like to do my part by informing and educating you on the appraisal part of the transaction. What is a Mortgage Appraisal?

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Appraisal Inspection Appraisal Process Real Estate Agent 90

Appraisal Today

APRIL 14, 2023

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.

Appraisal 52

Appraisal Bracketing Contracts Valuation 52

Housing Wire

APRIL 8, 2021

First, the pre-approval letter tells the seller that you are serious about buying a home and that you have a commitment from a reputable lender on how much it will lend to you. When it comes to using this third negotiating tool, Bryher said appraisal gaps must be considered carefully. In an extremely competive market?

Inspection 433

Inspection Sellers Buyers Tools 433

Appraisal Today

AUGUST 4, 2023

The End of Home Appraisals? In a truly Orwellian move, mortgage giant Freddie Mac recently announced its intent to censor an arbitrary collection of words such as “desirable,” “safe,” “well-kept,” “student” and “crime” when they appear, in any context, in the hundreds of thousands of appraisal reports it relies on in mortgage underwriting.

Appraisal 72

Appraisal Business Contracts Real Estate 72

Appraisal Today

JULY 14, 2023

Recent Appraisal Buzz survey Measuring tape – over half Laser – less than half Guesstimate – a few, but way too many! Appraisal Business Tips Humor for Appraisers Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news!! Phone app. –

Tools 77

Tools Appraisal Insurance Contracts 77

D Fritz Appraisals

MARCH 16, 2021

Be Prepared for an Appraisal for a Positive Impact on Your Home’s Valuation. Whether you’re selling, refinancing, dividing assets, settling an estate, or determining capital gains on an income property , it pays dividends to be prepared for your home appraisal. How Do I Get Ready for the Appraisal on My House?

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Appraisal HOA Easement Valuation 126

Appraisal Today

NOVEMBER 24, 2023

The Surfing Appraiser Riding the Waves of Up and Down Mortgage Rates By Mark Buhler Excerpts: Riding the waves of the appraisal profession can result in a range of outcomes and emotions over time. Appraisers, and surfers, have varying levels of experience, and experiences. Appraisers were busy cranking out appraisal reports.

Appraisal 75

Appraisal Mortgage Business Contracts 75

Annarbor Appraisal

SEPTEMBER 6, 2020

Challenging the results of the appraisal for mortgage financing. Even though the consumer may pay for the appraisal, they are no more the client than is the credit reporting agency or title company hired directly by the lender. When a sale is involved, the valuation may be lower than contracted price.

Mortgage Appraisal 78

Mortgage Appraisal Appraisal Mortgage Reconsideration of Value 78

Eppraisal

OCTOBER 19, 2021

Real estate appraisers however are acting more level-headed. There are many instances nowadays where a house doesn't appraise for the price on the contract. It's an appraiser's job to protect the mortgage lender's investment in a home. An appraiser looks at previous sales data when appraising a home.

Appraisal 66

Appraisal Contracts Sellers Home Value 66