The Attias Group Real Estate believes the market is well on its way to a solid recovery.? There are still some issues with tighter mortgage credit, and the real estate appraisal industry.? Every home sold that is financed through a lender requires an appraisal.? This is one of the most important, and often overlooked, steps in the home buying process.
If the appraisal comes in lower than the negotiated purchase price, the deal can be delayed or even fall apart.? This is usually due to the fact that the buyer cannot make up the difference, often times in the neighborhood of $15k-$20k that cannot be financed.
The Attias Group?strongly believes that an accurate appraisal is an important part of the home buying process and that a strong and independent appraisal industry is critical to restoring faith in the mortgage origination process.? Zur Attias said: ?As we recover, the stringent mortgage lending and appraisal friction are, in some cases, hampering qualified buyers from purchasing a home.? Our agents take an active role in the appraisal process, providing comparable sold properties to the appraiser and making them aware of current neighborhood and market trends, this concerted effort contributes to getting deals to the closing table.?
The Attias Group?also recognizes challenges appraisers are facing, such as limitations of the current reporting format, lagging market information, discrepancies in market definitions, and a declining number of appraisers.? One of the biggest changes in the appraisal industry is the number of comparable sales required.? Previously it was three, now it can be as many as eight or ten.? In many cases there are not enough apples-to-apples comps to comply with the excessive demands by the lender.
While appraisals are the gold standard for mortgage origination, there is also an important role for broker price opinions, comparative market analyses, and automated valuation models.??The Attias Group thorough comparative market analysis, provided to your appraiser, helps define comparable sales and give an accurate picture of that segment of the market when determining your home?s value.
To receive expert advice and guidance in real estate, contact one of our top agents at info@theattiasgroup.com or call 978.371.1234.
Source: http://theattiasgroupblog.com/2012/11/appraisal-process-key-step-in-the-home-buying-process/
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