Real Estate

In a hot housing market, gap between purchase price and appraiser condition ratings causes headaches

Aug 11, 2020By

Last week, HousingWire reported surging mortgage volume and record low interest rates are putting excess pressure on appraisal turn times. This week, appraisal experts said those same variables are having a profound impact on an age-old conflict of appraisal reports versus what the market believes the home is worth.

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“Requiring a down payment up-front from homebuyers has long been considered a cornerstone of risk mitigation for lenders. However, for some segments of our society, down payments are also why the well-worn phrase ‘it takes money to make money’ holds true for homeownership,” writes Richard Ferguson, president of CBC Mortgage Agency. For a hard-working family, it can take years to save for a down payment. And any setback — such as the coronavirus crisis — can return them to square one.

3d rendering of a row of luxury townhouses along a street

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