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
How automated appraisal systems optimize the valuation process HW+
Jul 06, 2023 9:24 amWith more emphasis than ever being placed on accuracy and compliance in valuations, lenders are looking to improve the accuracy and efficiency of their appraisal reviews. Automating the appraisal review process and outsourcing this step to their appraisal management partners can help them move in the right direction.
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Appraisal Insights firm launches to help combat bias in appraisals HW+
Jun 22, 2023 -
Federal agencies propose guidance for residential real estate ROVs HW+
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NPAS launches its Pinnacle Desktop Appraisals product line HW+
Jun 06, 2023 -
Kamala Harris talks proposed AVM bias rule as White House announces new appraisal actions HW+
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Federal agencies seek input on proposed AVM credibility, integrity rule HW+
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Marketing leader Jon Lyons to speak at HW Annual HW+
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How data and technology can combat appraisal bias HW+
May 23, 2023 1:10 pm -
Clear Capital expands its partnership with ValueLink HW+
May 10, 2023 -
Reggora launches appraisal marketplace with ‘Uber-style’ algorithm HW+
May 09, 2023 -
MBA: Lenders shouldn’t be held responsible for appraisers’ actions HW+
Apr 24, 2023 -
Clear Capital and CoreLogic expand partnership HW+
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