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 534

Housing Market Buyers Marketing Real Estate Agent 534

Housing Wire

JUNE 30, 2021

The company provides appraisal management services to lenders, investment firms, community banks, servicers and anyone who needs a real estate valuation. Appraisal shortage. This continues to put a great deal of pressure on appraisers who are managing large portfolios during an appraisal shortage.

Clients 384

Clients Valuation Real Estate Appraisal 384

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

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

Housing Wire

FEBRUARY 15, 2024

And if the DPA loan does not come from a national DPA provider, loan officers need to have underwriting guidelines rewritten to the DPA provider’s standards, which could take longer than getting a conventional loan. “A Every city, county and state have different underwriting guidelines.

Mortgage 450

Mortgage Buyers Loan Officers Sellers 450

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?

Appraisal 90

Appraisal Inspection Appraisal Process Real Estate Agent 90

Cleveland Appraisal Blog

OCTOBER 14, 2021

Recently, some of my well-intentioned clients have asked if it is possible to appraise a home, based upon a “normal market”. On many of my appraisals at that time, my opinion of value would not support the contract price. Don’t drink the Kool-Aid that any contract price is reflective of market value.

Inventory 243

Inventory Market Value Appraisal Contracts 243

Genworth MI Blog

AUGUST 31, 2022

Enact’s David Foster recently spoke with MortgageOrb about how the COVID-19 pandemic impacted inspections and appraisals, the changes we see today, and other appraisal factors to consider. Q: How have inspections and appraisals been impacted since the beginning of the COVID-19 pandemic?

Inspection 78

Inspection Appraisal Marketing Appraisal Process 78

Appraisal Buzz

JUNE 7, 2021

I provide services to appraisers, banks, technology firms, education providers, appraisal management companies, and attorneys. For appraiser clients, we commonly focus on proactive practices, methods and support, investigations, use of assistants, workflow efficiency, and technology. Buzz : Why do AMCs need the training?

Training 366

Training Reconsideration of Value Valuation Clients 366

Housing Wire

MARCH 15, 2024

Loan officers and mortgage executives expect home sellers and homebuyers to negotiate more aggressively on commission paid to buyer agents, potentially bringing costs down. But its members noticed “many real estate agents are already writing sales contracts that require the buyer to pay the buyer’s real estate commission.”

Buyers 504

Buyers Agents Mortgage Real Estate Agent 504

Housing Wire

NOVEMBER 9, 2022

Fraud risk continues to rise even as the market contracts . FoA had a $44 million revenue with lender services such as appraisal and title, down 24% quarter-over-quarter and 50% year-over-year. According to a Q2 analysis by FundingShield, there was a 40.69% increase in wire-related issues compared to Q1 2022.

Mortgage 371

Mortgage Finance Retail Business 371

Realtor

OCTOBER 16, 2023

“People talk about the down payment required but rarely talk about the ancillary costs required for purchasing a home like closing costs , title, appraisal, and first-year homeowners insurance upfront,” says Nicole Rueth , senior vice president and producing branch manager, The Rueth Team of Fairway Independent Mortgage Corp.

Mortgage 190

Mortgage Real Estate Agent Real Estate Buyers 190

Miller Samuel

FEBRUARY 12, 2019

When Jeff and Marie asked me to be formally interviewed for their blog " The Apple Peeled " I was happy to do so, especially because I could veer off the road into issues about the current mortgage and appraisal process. In-Depth Look at the State of Appraisals. I think (Fannie and Freddie) are emboldened to take more risk.”.

Marketing 221

Marketing Real Estate Appraisal Sellers 221

Town & Country Residential Appraisals

JANUARY 24, 2020

If you ever experience this from a loan officer, feel free to report this behavior to the CFPB here. If you feel that an appraiser has artificially inflated a market value opinion, report this behavior to the PA Appraiser Board here. After nearly 20 years of appraising, we’ve seen some weird things.

Appraisal 36

Appraisal Market Value Contracts Clients 36

Appraisal Today

SEPTEMBER 15, 2023

NAR Appraiser Survey July, 2023 In July 2023, NAR Research conducted a survey of all 9,800 appraiser members and 50,000 randomly-selected residential-focused non-appraiser members. To read the report, click here My comments: Read the appraiser sections in the long report. This is up sharply from 27 percent last year.

Appraisal 80

Appraisal Real Estate Agent Contracts Real Estate 80

Eppraisal

APRIL 20, 2021

A full pre-approval is when a mortgage loan officer pulls your credit, verifies your employment and income, has your complete application and has all the required documents from you. Your loan officer may even put your file through an initial underwriting. Then comes the issue of the appraisal.

Sellers 66

Sellers Loan Officers Inventory Home Value 66

The People's Appraisal Blog

MARCH 28, 2019

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. They get everything set up on their end and ready to apply for the loan.

Loan Officers 36

Loan Officers Law Appraisal Valuation 36

Appraisal Today

SEPTEMBER 8, 2023

Problems When Appraising Airbnb & VRBO Properties by Richard Hagar, SRA Excerpts: Residential appraisers are being asked to appraise these properties, along with their elevated income, as “typical” residential properties. He is one of my go-to appraisers for these types of issues. He is an excellent teacher.

Appraisal 79

Appraisal Contracts Business Construction 79

PennyMac

JANUARY 2, 2024

It differs from a typical rate lock since you lock in the rate while shopping for a house—with the intention that you’ll find one in the next 60 days or so—and lock the rate once you go under contract. A BuyerReady Certification is Pennymac’s unique loan certification process that can tell you the mortgage amount you could qualify for.

Mortgage 36

Mortgage Contracts Loan Officers Marketing 36

Cleveland Appraisal Blog

MARCH 30, 2021

Within the past couple of weeks, I have appraised several properties for purchases, where my opinion of the market value of these homes was significantly below the contract price. When an appraiser’s opinion of value is below the contract price, that’s when the carping begins. They just look at the number. .

Housing Market 368

Housing Market Marketing Reconsideration of Value Contracts 368

Appraisal Today

JANUARY 12, 2024

FHFA Report: Underutilization of Appraisal Time Adjustments Published: 1/8/2024 Excerpts: Fannie Mae, Freddie Mac, and Federal Housing Administration appraisal guidelines require such adjustments whenever market conditions have been changing. They are one of the easiest adjustments to make. My market is very volatile.

Appraisal 66

Appraisal Contracts Mortgage Marketing 66

Appraisal Today

AUGUST 13, 2023

ChatGPT: Valuable Tool or a Replacement for Real Estate Appraisers? I have not had time to use it, but have been reading and watching demos about how it can be used for appraisers for awhile. Appraisers there regularly value homes with small vineyards, sometimes leased to wine makers. Isn’t that Just PAVEY!

Appraisal 73

Appraisal Contracts Real Estate Agent Mortgage 73

Housing Wire

NOVEMBER 5, 2021

Local real estate agents, loan officers and appraisers share what characteristics are currently defining their housing markets. Single-family homebuyers who entered contract, meanwhile, slalomed to 12 total in July compared to 46 a year earlier, per the report. Aspen, Colorado.

Housing Market 437

Housing Market Marketing Real Estate Agent Contracts 437

Appraisal Today

MAY 12, 2023

Certified Appraisers vs. Unlicensed Data Collectors By Jonathan Miller (13-minute video) Here’s a great take on the difference between Certified Appraisers vs. Unlicensed Data Collectors by Leigh Brown, President of the NC Association of REALTORS. Fannie Mae has been working hard to get rid of appraisers for years.

Appraisal 52

Appraisal Architecture Business Contracts 52

Appraisal Today

OCTOBER 14, 2022

Appraisal Risk, Reviews, and Revisions. Excerpts: This is part three of a three part series on appraisal review – Read parts one and two. I am often posed with the following question “How do you know when you are looking at a “good” appraisal?” Appraisers and AMCs spend less time and have fewer hassles. By Ken Dicks.

Appraisal 52

Appraisal Insurance Real Estate Business 52

Appraisal Today

OCTOBER 21, 2022

Appraisers and Local Market Analysis. As an appraiser, it is super important to understand how to gather and analyze relative data. See if there are data types and graphs you can use in your appraisals. Appraisers have the most valuable data and analyses in a changing market: listings, pendings, price changes, etc.

Appraisal 52

Appraisal Marketing Contracts Insurance 52

Cornerstone

OCTOBER 26, 2021

As a result, hurdles related to home appraisals have also started to arise. In the past few months, it’s become commonplace for an appraisal to come back under a home’s contract price. This difference is known as ‘the appraisal gap… ’”. This difference is known as ‘the appraisal gap… ’”.

Sellers 57

Sellers Buyers Appraisal Loan Officers 57

PennyMac

DECEMBER 22, 2020

Step 5: Get an Appraisal on Your Ideal Property. Either way, it’s a good idea to consider getting an appraisal so you know how the true value compares to the asking price. An appraisal will help you get an objective estimated value, which you can compare to the bank’s asking price to see if the price is fair.

Inspection 69

Inspection Real Estate Agent Real Estate Agents 69

Assurance Financial

DECEMBER 20, 2021

A sale and settlement contingency gives you the legal right to exit a contract if you don’t receive an offer for your current home in time. However, if the seller accepts your offer, you’ll be able to keep the home you want under contract while you wait for a buyer. Bridge Loan. Linked Sources: [link].

Mortgage 74

Mortgage Sellers Buyers Finance 74

PennyMac

JUNE 28, 2022

It’s important to keep the loan-to-value (LTV) ratio relatively low so you can retain that home equity and be less likely to default on the loan. As such, you can only draw from a pre-approved amount that is stipulated in your contract. Understand typical contracts and look for fees. Upfront costs. Are there annual fees?

Home Improvement 36

Home Improvement Contracts Renovations Mortgage 36

Realtor

DECEMBER 15, 2016

If you’re a buyer who needs a mortgage , most lenders will require that you obtain a home appraisal. Lenders require a home appraisal before they’ll provide a loan, for the simple reason that the home serves as collateral for your mortgage. What appraisers do. How appraisals affect the sale. But never fear.

Appraisal 78

Appraisal Real Estate Agent Real Estate Mortgage 78

Realtor

DECEMBER 15, 2016

If you’re a buyer who needs a mortgage , most lenders will require that you obtain a home appraisal. Lenders require a home appraisal before they’ll provide a loan, for the simple reason that the home serves as collateral for your mortgage. What appraisers do. How appraisals affect the sale. But never fear.

Appraisal 78

Appraisal Real Estate Agent Real Estate Mortgage 78

Housing Wire

AUGUST 22, 2022

A Maryland couple is suing appraisal firm 20/20 Valuations , its appraiser and mortgage lender loanDepot after their home was appraised at a far lower value than it was a few months later when they removed indications that a Black family lived there.

Appraisal 370

Appraisal Loan Officers Valuation Finance 370

PennyMac

APRIL 2, 2020

Once you’ve mutually agreed upon a price, you and the seller will be under contract, also known as being in escrow. Step 9: Get Your Home Appraised. You have already negotiated a price with the seller, and completed an inspection, so why do you now need an appraisal ? Step 7: Schedule a Home Inspection (and Other Tests).

Real Estate Agent 36

Real Estate Agent Inspection Sellers Real Estate 36

PennyMac

JUNE 28, 2022

If you aren’t using a conventional loan, there are other limits for seller concessions. For example, if you have an FHA loan, there is a standard limit that sellers can only contribute 6% based on the appraised value and the price of the property. This fee will cover the attorney preparing and reviewing agreements and contracts.

Insurance 36

Insurance Property Taxes Sellers Inspection 36

Clear Capital

SEPTEMBER 29, 2021

Then they dive into Freddie Mac’s long-anticipated research paper, “ Racial and Ethnic Valuation Gaps In Home Purchase Appraisals.” It’s also, to be clear, somewhat about revolutionizing and modernizing the appraisal process by enabling property data collection to be performed by non-appraisers.

Sellers 69

Sellers Agents Real Estate Buyers 69