Are Appraisals Delaying Your Closings or are the Lenders? Read on!

Reblogger Bob Miller
Real Estate Sales Representative with Keller Williams Cornerstone Realty

Mary makes some very good points in her post.  Many appraisers are getting a lot of heat for the quality of their work as the market improves.  It is worth checking to see if the lender is not partly to blame.  Especially be careful of low cost Internet based lenders who are not aware of the local market.

Original content by Mary Thompson CR004373

Closings are taking longer these days not only due to increase in volume. If you are thinking Appraisers are holding up the works.....I have news and some Facts for you.....

A recent survey of appraisers across the USA was conducted and the question put to them By Appraisal Port (a widely used appraisal portal by Lenders and appraisers) was as follows:

 

How often does your client ask for something that is already in the original report you've submitted?


Almost always (11.7%)
225 votes
Often (58.3%)
1124 votes
Rarely (28.5%)
550 votes
Never (1.5%)
29 votes
 
ALMOST 70% OF THE CLIENT/LENDERS ASK FOR SOMETHING OF THE APPRAISER THAT IS ALREADY INCLUDED IN THE REPORT. THIS IS UNACCEPTABLE! Almost 12% answer the question as ALMOST ALWAYS. This has got to change! If lenders are not reading our reports, what else are they not doing?

As many of you know the entire appraisal process was changed to provide Lenders, Fannie, Freddie and HUD a Uniform Appraisal Dataset which forces appraisers to use a Uniform Coding system which is supposed to standardize the process and leave less room for interpretations by the appraiser and make it easier for the Lenders to review. They wanted to make the appraisal process more UNIFORM across the board by definition, Yet with this standardization, lenders are still not reading our reports in full. 
 
There is nothing more frustrating to an Appraiser than to have lenders ask them to provide further commentary in the report which they have already addressed. More importantly this takes TIME and further delays the process and the CLOSINGS!
 
So the next time you think the Appraisal is delaying closings, look closer at the Lender you are dealing with.
 
Savvy Realtors already know which lenders hold up the works and this is still a big problem. Some Lenders are so concerned about crossing T's and Dotting I's that they are not reading the entire report; instead they are getting caught up in the minutia and asking for things that have no impact on market value or the integrity of the report as a whole. 
 
Please pass this along and maybe with a little pressure, the lenders will Read the entire report first and then if there are issues, have the appraiser address them. 
 
Thanks for stopping by my Blog, Have a great week.
 
 
 


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