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Homeowners: Your Home Must Be Sold TWICE

Homeowners: Your Home Must Be Sold TWICEIn today’s housing market, where supply is very low and demand is very high, home values are increasing rapidly. Many experts are projecting that home values could appreciate by another 5%+ over the next twelve months. One major challenge in such a market is the bank appraisal.
If prices are surging, it is difficult for appraisers to find adequate, comparable sales (similar houses in the neighborhood that recently closed) to defend the selling price when performing the appraisal for the bank.
Every month in their Home Price Perception Index (HPPI), Quicken Loans measures the disparity between what a homeowner who is seeking to refinance their home believes their house is worth, as compared to an appraiser’s evaluation of that same home.
Bill Banfield, VP of Capital Markets at Quicken Loans urges anyone looking to buy or sell in today’s market to remember the impact of this challenge: 
“While a 1 or 2 percent difference in home value opinions may not seem like a lot, it could be enough to derail a mortgage.
A homeowner [or a buyer] could be forced to bring more cash to closing in order to make a mortgage work if the appraisal is ... more

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