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At Realty Unique, we've been dealing with tight appraisals since early May because of the Home Valuation Code of Conduct. Although we haven't lost a deal due on appraisal, we've heard of a few deals in Boulder falling apart due to it.
If you're in the market, it's something you need to be aware of.
Mish (a bearish blogger I enjoy reading) also has a good piece out today on the double barrel impact of higher rates and tight appraisals, including some quotes from market players. It's worth taking a few minutes to read Mortgage Market Remains Solidly Frozen.
A couple years back lenders were letting anything slide, now they appear to be looking for excuses to kill any deal, especially with the recent spike in rates. If the appraisal and paperwork is not perfect, goodbye loan and goodbye $500 appraisal fee. Customers are not too happy to say the least.
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The ideas and strategies described in this blog are the opinion of the writer and subject to business, economic, and competitive uncertainties. We strongly recommend conducting rigorous due diligence and obtaining professional advice before buying or selling real estate.
Ready to buy or sell? Schedule an appointment or call 303.746.6896.
You can also like our Facebook page or follow us on Twitter.
As always, your referrals are deeply appreciated.
--
The ideas and strategies described in this blog are the opinion of the writer and subject to business, economic, and competitive uncertainties. We strongly recommend conducting rigorous due diligence and obtaining professional advice before buying or selling real estate.
