Appraisers must know their stuff!

This Ridgefield, CT mortgage broker had an interesting discussion with a local appraiser.  As we all know, banks are ripping apart appraisals like never before...I believe we all know why, but allow me to reiterate...

•  Appraisers have fewer comparable sales to draw upon. 
•  Big discounts from listing prices.
•  More sellers are offering incentives to market their properties such as paying closing costs.*
•  Greater concern about property conditions.
•  Lenders are more cautious.

*The incentive inclusion, like sales incentives, is skewing market prices - appraisers must really dig deep to determine true sales prices. 

Good appraisers know how to deal with these issues - it's best to discuss these variables upfront instead of confronting issues that may delay a closing.

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