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.
Appraisals are just a third party opinion on value. If your appraiser wants to use different comparable properties to lower the value so your appraisal flies through underwriting without any additional work, they can. This way they don’t have to deal with extra comparable properties requested by the underwriter or having to explain the reason they used the comps they did. Lower value means easier work.
I am telling you this happens all the time. If your appraisal comes in lower than expected, I want you to dispute the appraisal and fight for the value you believe in. There is a process to dispute the appraisal if you disagree with the value the appraiser gave. Take advantage of it!!
If you don’t fight it, and that sale goes through, you just added to the downward spiral of home values. Your new value will be used when your neighbor does a refinance or your tries to sell their house. This affects buyers, sellers, and anyone that has a mortgage. Don’t be apart of the problem. Stick up for the value and be prepared to show proof.
If you have a good realtor and lender they can help you fight the man. Too many people just walk away. That is unacceptable!!
It’s time to fight for your appraisal.
Mortgage Bonds are trading slightly higher today and there is no major economic reports coming out today. We are at a tough ceiling of resistance and need to be careful as rates could get worse in a hurry. We know rates get worse faster than they get better.
Today’s rates with no lender fees are 4.75% on a 30 year fixed, 3.875 % on a 15 year fixed, and 3.125 % on a 5/1 ARM. Also, in honor of our troops and veterans, the best rate on a VA loan today is 4.375%. Get the details and other rates I found today with NO lender fees.
Please don’t forget to share today’s episode and let’s change the way people shop for a mortgage…forever!
See you tomorrow!
To ask a question, get advice, or find out what your lender is making off your loan, just post a comment with your question.
I love interaction!