An appraisal gap occurs when an appraisal comes in below the contract price on a house. Today's hot real estate market contributes to a higher rate of appraisal gaps.
Its economy 101 when supply is low and demand is high, prices naturally rise. Thats whats happening in todays housing market. Homeprices are [...]
This 4-partseries will help buyers set and maintain realistic expectations aboutthe homethey are purchasing. Part 4 will cover the difference between an appraisal and a home [...]
When a licensed Delaware home appraiser steps up to do their job, they are completely neutral towards both the Lender (who assigns them to a home) and the Broker who is representing the home. This is a very good thing for buyers and sellers. Appraisers feel the pressure to get it right regardless of how their final outcomes weigh against [...]
Morale can really take a dive when the appraisal comes in low. Unfortunately, this happens more often that youd expect because buyers will bid higher than the property value to secure the house of their dreams. Saving while securing the deal can require some creative thinking, [...]
"As of September 1, 2011 appraisals will change drastically. We now must complete appraisals in what is defined as UAD or Uniform Appraisal Dataset format. This is a GSE Fannie, Freddie requirement." I saw this blog just this morning posted by Bobbie Smith, a Realtor up in the Poconos. An appraiser in her area, Mary Thompson, was giving her [...]
