Appraisal Issues

By
Real Estate Agent with RE/MAX Main Line

For the second time in a week, a home I sold did not appraise.  It appears the appraisers are getting pressure from the underwriting departments of the respective mortgage companies.  Recently, an appraiser told me he was instructed which comparable sales to use in his report (I have never heard of such an order before).

I think this is something that is going to continue to happen.  However, the opportunity to appeal an appraisal has been given to be in both instances.  My appeals have been successful to date.  It will be important in the future to prepare your clients for this scenario.  As long as you can show value, an appeal should be successful. 

The bottom line is that mortgage companies will need to see value (more than ever) in order for loan approval to occur. 

Please visit www.TomToole.com for more information about the Philadelphia area market and my services.

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