Posts Tagged ‘appraisal’
Understanding the 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…
Read MoreHow Do Multiple Offers Impact a Home’s 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. …
Read MoreAppraisal Technology and the Future of the Appraisal Industry
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…
Read MoreThe Challenges of Doing 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…
Read MoreWhat 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…
Read MoreWhat AMCs Do and Don’t Do in the Appraisal Process
Appraisal Management Companies (AMCs) are one of the newest additions to the real estate industry. AMCs were created from Dodd-Frank to separate mortgage brokers from appraisers, protect the market from inflated and/or biased values, and facilitate the entire appraisal process. In addition to managing the appraisal process, AMCs must also consider the perspectives and needs…
Read MoreThe Responsibility of Appraisers
As an AMC, we spend a lot of time talking and thinking about the responsibility of appraisers in the housing market and the vital role they play. We’re so grateful for the many incredible appraisers we work with daily and are always looking for ways to help our appraisers be more efficient and generally better…
Read MoreHow to Recruit More Appraisers to the Profession
It’s a song we’ve heard time and time again—we need more appraisers as more and more people are retiring and leaving the profession. The problem isn’t going to go away anytime soon—appraisers are getting older and older. According to these numbers from the Appraisal Institute, 70% of appraisers are over the age of 50! With…
Read MoreUsing Technology to Speed Up the Appraisal Process
One thing we’ve been talking about a lot this year is the fact that homeowners to lenders to buyers want to get a mortgage more quickly. It seems reasonable, too, given all of the advances in technology within the housing industry recently to utilize appraisal technology—especially during 2020. The Pandemic Has Changed Appraisals The housing…
Read MoreHome Appraisal Myths – Busted!
No matter how many times you’ve been through the process, the prospect of a home appraisal can seem a little daunting. With the cobweb of people involved, it’s understandable that your clients may feel a little bit confused. So, to help everyone through the process, we’ve compiled a list of the top seven home appraisal…
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