{"id":17315,"date":"2009-03-16T10:12:13","date_gmt":"2009-03-16T10:12:13","guid":{"rendered":"http:\/\/forestridgevoice.com\/2009\/03\/16\/trying-times-for-appraisers\/"},"modified":"2019-04-23T20:56:32","modified_gmt":"2019-04-23T20:56:32","slug":"trying-times-for-appraisers","status":"publish","type":"post","link":"https:\/\/ewmrealestate.com\/blog\/trying-times-for-appraisers\/","title":{"rendered":"Trying Times for Appraisers"},"content":{"rendered":"

\"home-appraisers-face-big-changes\"So, you’ve got a fully executed contract on a home.\u00a0 Congratulations.\u00a0 Now you will play the waiting game to find out if\u00a0the home will appraise at the sales price.\u00a0<\/p>\n

\u00a0These days it is getting harder and harder to know what value\u00a0the home will be given.\u00a0\u00a0 Appraisers are often faced with the problem of not finding enough relevant closed sales within a one mile radius.\u00a0 When this occurs they often consider listing prices, but they are also hit or miss, as many sellers overestimate the value of their homes.\u00a0<\/p>\n

Sometimes appraisers will attempt to secure a contract price from a Pending Sale, however most Realtors will not give up that information and many times the Pending Sales never close.\u00a0<\/p>\n

What happens if a lender rejects an appraisal?\u00a0 They can offer a second appraisal (usually at the buyers expense), the Seller can reduce the price of the home or the Buyer can come up with more cash.\u00a0 Many times none of these remedies takes place and the sale doesn’t go through.<\/p>\n

When the comparable sales are too old to use for the appraisal, another method has been used called “negative time adjustment”.\u00a0 If prices are falling at an annualized rate of 12% and there is a relevant sale that occured 4 months ago for $300,000, \u00a0the comp can be devalued by 4% to indicate market decline.<\/p>\n

There is also an option called an Automated Valuation Model, which is known as an AVM.\u00a0 That is what you find on Zillow.com and other real estate websites.\u00a0 It is a mathematical formula which examines the sales prices, square footage and recently sold homes.\u00a0 It is usually not up to date and it doesn’t take into account the homes condition, appearance, upgrades or lot location.\u00a0<\/p>\n

Appraisers are being called upon to use every possible method available to not only help\u00a0home sales\u00a0but also those who are also refinancing their home.\u00a0 On February 18th, President Obama announced the Homeowner Affordability and Stability Plan <\/a>which is suppposed to help reduce foreclosures and stimulate housing demand.\u00a0 Under the plan, eligible borrowers who stay current on their mortgages but have been unable to refinance to lower their interest rates because their homes have decreased in value may now have the opportunity to refinance into a 30 or 15 year, fixed rate loan.\u00a0 If the the buyer owes more than 105% of the value of the home they won’t qualify.\u00a0<\/p>\n

It is certainly an interesting time for Appraisers and I do not envy their job one bit.<\/p>\n","protected":false},"excerpt":{"rendered":"

So, you’ve got a fully executed contract on a home.\u00a0 Congratulations.\u00a0 Now you will play the waiting game to find out if\u00a0the home will appraise at the sales price.\u00a0 \u00a0These days it is getting harder and harder to know what value\u00a0the home will be given.\u00a0\u00a0 Appraisers are often faced with the problem of not finding<\/p>\n

Read More<\/a><\/p>\n","protected":false},"author":5759,"featured_media":130092,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_expiration-date-status":"","_expiration-date":0,"_expiration-date-type":"","_expiration-date-categories":[],"_expiration-date-options":[]},"categories":[11767],"tags":[],"yoast_head":"\nTrying Times for Appraisers - BHHS EWM Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ewmrealestate.com\/blog\/trying-times-for-appraisers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Trying Times for Appraisers - BHHS EWM Realty\" \/>\n<meta property=\"og:description\" content=\"So, you’ve got a fully executed contract on a home.\u00a0 Congratulations.\u00a0 Now you will play the waiting game to find out if\u00a0the home will appraise at the sales price.\u00a0 \u00a0These days it is getting harder and harder to know what value\u00a0the home will be given.\u00a0\u00a0 Appraisers are often faced with the problem of not findingRead More\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ewmrealestate.com\/blog\/trying-times-for-appraisers\/\" \/>\n<meta property=\"og:site_name\" content=\"BHHS EWM Realty\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/EWMRealtyInternational\" \/>\n<meta property=\"article:published_time\" content=\"2009-03-16T10:12:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-04-23T20:56:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ewmrealestate.com\/blog\/wp-content\/uploads\/2019\/06\/BHHS-On-Solid-Background.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"376\" \/>\n\t<meta property=\"og:image:height\" content=\"376\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"pattireid\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"pattireid\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ewmrealestate.com\/blog\/trying-times-for-appraisers\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/ewmrealestate.com\/blog\/trying-times-for-appraisers\/\"},\"author\":{\"name\":\"pattireid\",\"@id\":\"https:\/\/ewmrealestate.com\/blog\/#\/schema\/person\/3884199c9616c95232f0602dd52df5eb\"},\"headline\":\"Trying Times for Appraisers\",\"datePublished\":\"2009-03-16T10:12:13+00:00\",\"dateModified\":\"2019-04-23T20:56:32+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ewmrealestate.com\/blog\/trying-times-for-appraisers\/\"},\"wordCount\":417,\"publisher\":{\"@id\":\"https:\/\/ewmrealestate.com\/blog\/#organization\"},\"articleSection\":[\"EWM News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ewmrealestate.com\/blog\/trying-times-for-appraisers\/\",\"url\":\"https:\/\/ewmrealestate.com\/blog\/trying-times-for-appraisers\/\",\"name\":\"Trying Times for Appraisers - 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