Overview

Notes for the Homeowner. What is an appraisal? Understanding an appraisal. Common Appraisal Mistakes. Analyzing Markets and What is a Neighborhood? Competing Markets, Market Area, Competing Markets, Market Stabilization, Increasing and Declining Markets, Market Conditions Report and Neighborhood Analysis Comparable Selection. How is an Adjustment Calculated? How a Reconciliation Reads? Quality of Data and How it affects Real Estate Appraisals? Rebuttals and Creating One. Unacceptable Appraisal Practice, Appraisal Review. Things That May Kill the Deal. Real Estate Investment and Things to Avoid. Buying a Rehabbed Property. Sales via For Sale by Owner, Advice for the First Time Homebuyer. Your Appraiser, Inspection Issues and FHA Inspections. Drive by Appraisals, USDA, Your Appraiser and Home Inspectors. Who is Managing the Appraisal Process? This text discusses the appraisal process and all its facets as they relate to the mortgage industry at large. A borrower applying for a loan should know how this may affect them. Most would agree it is better to know beforehand if there is going to be problem, or at least understand what the reasons are when one arises. Most of us will encounter the work of a real estate appraiser at some point in our lives. The result could be completely uneventful, but problems may arise. What happens if the property's appraised value is lower than expected? Several things could happen. In some cases, a buyer will have to renegotiate the contract. If a homeowner has applied to refinance their property, they may move forward but with a higher interest rate and may have to pay PMI (Private Mortgage Insurance). In other situations, the loan may be denied due to insufficient collateral, since the appraised value was lower than expected. The appraisal process is complicated, certainly expensive, and sadly sometimes leads to no result. The industry is not perfect, and the appraiser has limitations on what they can or cannot do. Some limitations may cause borrowers to be frustrated. Market practices, a lack of data to support any other adjustment and restrictive Lender guidelines are common irritations. Then again in some cases, we do make mistakes, and it would be helpful for the borrower to identify them and have options to find a resolution. The average reader should be able to understand an appraisal report, at least to the point where it makes sense. This text endeavors to help in that process, yet in no way pretends to be complete due to the complex nature of the industry and appraisal practices, nonetheless most topics are discussed in depth.

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