The reason I ‘m attaching this to the file about Real Estate Appraisal Changes. I’ve been to many seminars about mortgage changes and agents didn’t have a clue that their was a condition rating and it changes the formula and either increases or decreases value. If the Realtor got in the business after 2011 they don’t understand the rules. Why is that important? Most homes built, and sold where before 2011 and purchased during the bubble. After the crash of “2008″, there are still many homeowners that have not totally recouped their losses, especially in the higher price ranges.
The most important piece is in Part 1 understand the condition rating system. This does change the formula and value of your property. The lender verifies all condition ratings through the 2nd Phase of the underwriting system. If they don’t match, the appraisal goes back to the appraiser to make the adjustments and in most cases the value changes could go down. Your choices are to pay the difference between sale price and appraisal, renegotiate the price and possibly lower it closer to the appraised value, or you and the seller can’t negotiate a price and they decided not to sell. Not all agents know the rules or how to contest an appraisal if needed. You need an agent that knows how to work through the appraisal system, if you plan on having any success in fighting a bad appraisal . For my client’s they have an idea upfront before they ever put in the offer what the appraisal range could be, and we already had this discussion with the seller before the inspection and it is part of our price negotiations. To view the appraisal changes…
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