How many times has the appraiser telephoned from the property to ask, "Where is the person who was supposed to be here 30 minutes ago to let me in?" Of course that is the most preventable but here is a list of things the appraiser should have been told before being sent out:
The kitchen sink is missing. The bathroom tile is not installed. The range is still in the box. There is no carpet -only subfloor. You can't miss the trees groing through the eves.
If you are an agent you should know a property is not going to qualify for a conventional loan with most of these issues. Generally speaking the house needs to be in "move in" condition. By that we do not mean "move in by homeless crack-heads" we mean "move-in for the average American family."
It is simple enough to have the seller, unless the seller is HUD or a giant bank, to get the property in sellable condition. Of course this only applies if your client is needing a conventional loan. Cash buyers, buyers using a credit line or hard money, or buyers working out some outside-of-the-box transaction do not need to worry about these things and they hold a greater set of bargaining chips.
The least that can be done is to let the lender know if anything more than aesthetic repairs needs to be performed.
THE OPINIONS IN THIS COMMENTARY ARE STRICTLY KEN COOK's PERSONAL OPINION AND NOT REFLECTIVE ON ACTIVE RAIN, NOVATION MORTGAGE, or ANY SPONSOR OF THIS WEBSITE.
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NOTICE: I have been writing in this blog since July 2006. Some of the older articles may contain information that has changed. Please check the date and phone me if you have any questions.
Good information, many agents needs to read this as appraisers get the short end of the stick either waiting on realtors or having to make multiple trips which costs go purchaser. Not good business.
The appraisal has been my biggest pain in my derriere since the market shifted! Not because they are coming in low, either! Thanks for these tips. I am finding most banks are conducive to fixing issues that need a fixin'!
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Yes Ken you can get an appraisal. I like it - great info. Thanks.