A new rule, effective Jan. 18, makes the appraisal and loan underwriting process substantially more transparent for the average borrower. Specifically, an amendment to Regulation B, one of the regulatory provisions pursuant to the implementation of the Equal Credit Opportunity Act, forces lenders to disclose to borrowers, in writing, that they are entitled to a copy of “any and all appraisals and other written valuations developed in
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Read more about New Rules for Appraisals
There is nothing worse in the home-purchase process than a low appraisal. Not only does it hold up the transaction, but it comes at a time when the buyer has cleared many of the other major hurdles of the purchase process, such as prequalifying for the loan and negotiating the purchase price. Just when you can almost feel the house keys in the palm of your hand and envision moving into your new home, the appraiser claims the house isn’t worth what you have agreed to pay for it.
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Read more about Challenging a Low VA Home Appraisal
Whether you are buying or selling a property, you probably have a set price in mind. Unfortunately, your idea of a good price will most likely not be the same as what a lender considers a good price. That’s why a lender will always need an objective assessment of the home’s value, an assessment that [...]
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Read more about What Home Appraisers Look For
The seller of that home you are about to purchase no doubt thought long and hard about how much to ask for it. She consulted with her real estate agent who spent some time poring over statistics and the prices of recently sold homes in the area to come to a rough estimate of the home’s value.
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Whether or not you own the nicest home on the block, when it comes time to refinance or sell it, getting a high house appraisal is crucial. Fortunately, there are steps you can take to assure that you receive credit for all the ways you think your house is worth maximum dollars.
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Read more about Getting a High House Appraisal