This is a call for action!
Now that appraisers have been insulated from contact by lenders, borrowers, and Realtors, some appraisers are taking the easy way out and using a lower value to save time. It's time to fight back.
- It's killing our values
- It's killing our loans
- It's killing our interest rates
It's so bad, even houses are calling 911! Today I urge you to use the dispute process if you feel like your home is being undervalued. It's time to fight.
Check it out:
I know you heard of a dog calling 911 to save his masters life or a three year old somehow managing to dial 911 But have you ever heard of a HOUSE calling for help? It actually happened last week!
Check out the full story here. It’s a weird chain of events. I wonder if the house can call a FHA203k lender to rehab it. Now that would be impressive.
Let's talk about Appraisals. Like it or not, every mortgage transaction (purchase or refinance) rides on the value determined by the appraiser. With today's guidelines in place, you can not pick your appraiser or talk to them about value. All you can do is order the appraisal and pray that the appraiser is having a good day when he is working on your report.