How Pre-Appraisal Tools Improve the Home Appraisal Process

pre-appraisal tools

If you’re a mortgage loan officer and not taking advantage of pre-appraisal tools, your clients could be paying the price with higher fees and longer turnaround times. Read on to learn why pre-appraisal tools are the perfect solution for providing a better borrower experience and, for loan officers, how these tools can expedite the process…

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How Seller Concessions Impact a Home’s Appraised Value

seller concessions

Seller concessions are costs the seller agrees to cover for the buyer’s closing fees on a home purchase. As purchasing a home is a big financial investment, negotiating seller concessions can help homebuyers with closing costs, which typically amount to 3% or less of the purchase price and are paid out of pocket by the…

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Preparing for a Home Appraisal Inspection

home appraisal inspection

When selling your home or refinancing your mortgage, the home appraisal inspection is a crucial step in the process. You want your home’s appraised value to be as high as possible in the final report.  Most home buyer offers are contingent on a mortgage lender approving their loan to purchase the home. But if the…

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Sales Price vs. Appraisal Value: What’s the Difference?

sales price and appraisal value

When you sell or buy a home, the sales price and appraisal value don’t always match up, and this discrepancy can lead to a change in the purchase price or dissolve the deal altogether. Therefore, it’s essential to understand how these numbers can differ and how the sale can still proceed when there is a…

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Understanding the Home Appraisal Contingency

home appraisal contingency

When buying a home, an appraisal contingency can serve as a safety net. If the home you want to purchase appraises for less than the price you agreed to pay, it gives you negotiating power with the seller. It also allows you to walk away from the deal without losing your deposit, should the seller…

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How Do Multiple Offers Impact a Home’s Appraised Value?

how multiple offers impact the appraised value

In today’s real estate market, it’s not uncommon for a house to receive multiple offers and sell above the asking price. In fact, depending on your market, this may be the norm at the moment. But just because a home sells for more than the asking price doesn’t always mean the appraised value will match. …

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Appraisal Technology and the Future of the Appraisal Industry

top appraisal industry trends

While most mortgage brokers and lenders use financial technology (fintech), the same can’t be said for the appraisal industry. While a home loan can be processed in 10 days, the national average time to turn around a real estate appraisal is 17 to 20 days.  The question then becomes, “How can the appraisal industry streamline…

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Highest ROI: Top Home Renovations

home renovations

There’s no doubt that 2021 was a hot real estate market, but there was another hot market this year, and that was the renovation market. Because of a lack of inventory, many homeowners opted to stay put in their homes and create their dream home in their current home. This is a trend we will…

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The Challenges of Doing Multifamily Property Appraisals

Multifamily Property Appraisals

Doing multifamily property appraisals can be very challenging because they aren’t done the same way as either single-family home or apartment building appraisals. In fact, a multifamily property appraisal is quite different from either. In part, this is because a multifamily property is most often used to produce income rather than as a place for…

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What COVID-19 Has Taught Us About Appraisals

What COVID-19 Has Taught Us About Appraisals

The entire housing market has seen a lot in the past 18 months or so, and the appraisal industry is no exception. With all that’s happened since the COVID-19 pandemic started, we can all safely say that we’ve learned quite a bit. So, now the question is, what have we learned about the appraisal industry…

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