Loans By Kathy: Cobb Association of Realtor Meeting - Appraiser Panel

Cobb Association of Realtor Meeting - Appraiser Panel

The Cobb Association of Realtor monthly meeting was yesterday.  The program consisted of three area appraisers ready to answer the 

Cobb Association of Realtor Meeting

Realtor's questions about the appraisal process.  The panel consisted of Scott Murphy of DS Murphy Appraisers, Peter Bray of REV Appraisal Services and Alan Parks of Northside AIG.  

There was a great deal of information shared by the appraisers regarding how adjustments are made for the current sales trends versus historical sales.  The Market Condition Addendum that is now part of the Fannie Mae 1004 Appraisal Form.  The selection process for comparable sales.

The appraisers were asked what the Realtor could do to assist them in the process.  There is a gasp from the group when it was the appraiser's recommendation that the appraisal contingency on the contracts be written for at least 25 days and the reason for it.  The Realtors were also asked to provide the appraiser with information they may have about the subject property or the other properties currently on the market and recent sales.

The exchange of information between the parties involved in the process is a great way to expand the understanding and will allow for everyone to provide better customer service.

 

 

 

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Kathy Sheehan Senior Loan Officer

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770.634.4021

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Bay Equity LLC

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The opinions and general information in this blog are soley those of Kathy Sheehan.  Specifics regarding an individual case should be discussed in detail with a loan professional.  For a confidential consultation, please feel free to contact me via phone or email.  All terms and conditions are subject to change.

 

Comment balloon 3 commentsKathy Sheehan • July 11 2013 09:14AM

Comments

Kathy -- 25 Day Appraisal Contingency!  Yikes.    In my market it is becoming more common for buyers, even those obtaining a mortgage, to waive or shorten the appraisal contingency time period to either remain or be more competitive in a multiple offer situation.   

Posted by Michael Jacobs, Los Angeles Pasadena Area Real Estate 818.516.4393 (Coldwell Banker Residential Brokerage) about 5 years ago

Waiving an appraisal contingency isn't always an option for many buyers.  The reasons the appraisers gave were:

  1. They have not received a full copy of the contract - many times missing the acceptance date!  I frequently receive incomplete contracts too
  2. The Appraisal Management Companies have their process too and it may be several days between the receipt of the appraisal order and the time it is assigned to the appraiser
Posted by Kathy Sheehan, Senior Loan Officer (Bay Equity, LLC 770-634-4021) about 5 years ago

That would be a NO, Kathy. And, all they have to do is call the agent and get a completed contract.

Posted by Toni Weidman, 26 Years Selling Homes in New Port Richey, FL (Sailwinds Realty) about 5 years ago

Participate