Are Appraisals Killing Your Deals?
As strong demand mixed with tight inventories of homes for sale continues to push up home prices, appraisers are having a hard time keeping up as sales prices may not be high enough to support newest deals.
Working with an experienced appraiser that has geographic competency is more important than ever. Educate your clients so they know the difference between a lender that manages an in-house panel of appraisers and a lender that outsources appraisals to an Appraisal Management Company (AMC).
AMCs have the ability to handle high-volume orders, which are distributed to dozens of appraisers across the state. Some of these appraisers are less expensive and are willing to drive 100 miles to do an appraisal. The drawbacks could prove costlier in your next transaction if an appraiser lacks local knowledge and access to local MLS data.
At Cherry Creek Mortgage Company, appraisal requests are sent to a "preferred list" of experienced appraisers who are geographically competent within your neighborhood, provide high levels of customer service and are capable of appraising complex properties. This eliminates most obstacles that can stall or stymie loan approval. Our in-house appraisers understand that timeliness, accuracy and competency is your prime concern.
With the increase in sales prices and the importance placed on appraisals and valuations, click HERE to download the "3 Must-Know Questions To Ask An Appraiser."