Appraisals and Valuations
Real estate appraisals can be tough for both homebuyers and sellers. If the appraisal comes in lower than the agreed-upon purchase price of the property, it can cause big issues for both parties. In addition, real estate appraisals have also been recent obstacles for mortgage lenders and originators due to timing issues and delays.
Mortgage brokers in particular have recently dealt with appraisal time delays due to wholesale lender partnerships that require appraisals to be done by third party appraisal management companies (AMCs). In turn, brokers have been frustrated with AMCs and appraisers over the service and communication issues — as well as the associated fees.
Home appraisals have traditionally taken from a few days to a week to complete and issue a report, depending on the appraiser’s schedule and the complexity of the property. While the housing market has slowed significantly in recent months due to an uptick in mortgage rates, high home prices and a lack of inventory, brokers complained at the height of the recent red-hot housing market that appraisals were taking a number of weeks to complete – which forced clients to miss closing dates.
Heading into 2023, the housing market is unlike anything we’ve seen in years past. Whether these types of real estate appraisal issues and delays will continue now that home sales have slowed to a crawl in most markets across the nation remains to be seen.
Latest Posts
Class Valuation’s CIO on solving the appraisal conundrum
Nov 22, 2023“So many people take this protectionist view: they’re so worried about change that they lose sight of adopting these tools in the right way.”
-
Class Valuation acquires AMC Valuation Connect
Nov 15, 2023 -
CoreLogic announces new augmented reality appraisal tool
Nov 09, 2023 -
SingleSource’s new app to support to Fannie Mae’s Value Acceptance + Property Data program
Nov 08, 2023 -
Property taxes have been rising. Here’s what it means for housing
Nov 07, 2023 -
Is this the beginning of the end of the housing market recession?
Nov 06, 2023 -
FHA updates appraisal requirements on GSE-certified manufactured homes
Nov 03, 2023 -
Appraisal firm Accurate Group acquires Voxtur Appraisal Services for $30M
Nov 01, 2023 -
FHFA failed to document desktop appraisal reviews, OIG says
Oct 30, 2023 -
Xactus’ valuation solution approved to fulfill Fannie Mae’s property data collection orders
Oct 02, 2023 -
CRMLS will use CubiCasa’s floor plan creation tools
Sep 19, 2023 -
CAPE Analytics launches new AI-powered, automated property condition report tool
Sep 13, 2023