Appraisal changes – some call it a time bomb.
The video link in this email is VIVID, very real world and worth watching if you intend to sell or buy property in Intown Atlanta in the future.
Maybe because many of us know how much of a hassle it is when real estate transactions don’t move as fast as we would like for them to move.
So, an appraisal time bomb . For Georgia. Intown Atlanta. You ready?
That’s what my friends at Shelter Mortgage call it. Mark Moore sent me the following this morning in an email entitled “Appraisal Time Bomb:”
“The easiest way to understand it is to watch the short video below. Return to this post after viewing for action items.
Here is a post that features a provocative video from some astute, been there and done that real estate folks.
So what does this mean for you and what should you prepare for?
- Start allowing LONGER appraisal contingency times and if it is your listing, please accept longer times until the industry gets used to this process. It is more stressful on everyone to request an extension, than to just give the appropriate amount of time up front. I think 21-25 days will work IF you allow the appraisal to be ordered early in the process. If you have a long due diligence period and you are holding the appraisal until the end, be careful.
- Our appraisers and underwriters have been preparing for this for a few months and we have been “testing” this system corporately for a while. We work with smaller select groups of appraisers who know their markets extremely well, so we are as ready as we can be. Be sure the lender you choose to work with is equally prepared
- Expect more problem appraisals from the bigger banks again. Just as things seemed to be normalizing, it is very likely you will start having big appraisal problems again in the coming months, so keep that in mind with your buyers and your listings!
We appreciate each and every one of you and want you to know that we are committed to our real estate partners and the success of your business! We are Real Estate Agent focused!!”