In the past years home sellers appraisal reports were not commonplace. Average sellers would rarely want a professional opinion of value before listing their home. CMA's from a REALTOR were helpful in determining a list price, however sellers could be flexible on their pricing due to the rising real estate prices at the time. The typical seller was very happy to take appreciation from their home. Sale prices for much higher than than two or three years previously expected. Just a couple of years ago, it was hard to find anybody unhappy with their transaction.
As of more recent times we have home sellers who really believe their home is worth more than they are asked to sell for. Home sellers appear much more willing to accept their suggested listing prices, after an independant and well prepared home seller's appraisal report. If the opinion of value is written clearly and the report has good information the homeowner is usually very receptive to the report. The valuation from a third party is helpful to the REALTOR as this often eases market concerns of the seller.
As many REALTORS how dread the appraisal process due to reform with recent mortgage reform. (This is often referred to as HVCC hysteria!) Some are now finding it helpful to have another appraisal in their file. Many now find the home seller's appraisal report to be a good investment. Homeowners, after being referred, are finding the services of an appraiser very helpful.
In the past years home sellers appraisal reports were not commonplace. Average sellers would rarely want a professional opinion of value before listing their home. CMA's from a REALTOR were helpful in determining a list price, however sellers could be flexible on their pricing due to the rising real estate prices at the time. The typical seller was very happy to take appreciation from their home. Sale prices for much higher than than two or three years previously expected. Just a couple of years ago, it was hard to find anybody unhappy with their transaction.
As of more recent times we have home sellers who really believe their home is worth more than they are asked to sell for. Home sellers appear much more willing to accept their suggested listing prices, after an independant and well prepared home seller's appraisal report. If the opinion of value is written clearly and the report has good information the homeowner is usually very receptive to the report. The valuation from a third party is helpful to the REALTOR as this often eases market concerns of the seller.
As many REALTORS how dread the appraisal process due to reform with recent mortgage reform. (This is often referred to as HVCC hysteria!) Some are now finding it helpful to have another appraisal in their file. Many now find the home seller's appraisal report to be a good investment. Homeowners, after being referred, are finding the services of an appraiser very helpful.
Several months ago I began an attempt to increase my business's website search engine rankings, for a Missouri Appraiser and other keywords. This massive project was full of online directories, web blogging, rewriting my website to be more SEO friendly, and studying SEO. Alot of blood, sweat and tears went into this project, however mission is close to being accomplished.
One of the online directories that I was told would be key to any search engine optimization plan was dmoz.org or "Directory Mozilla." This directory is the largest human edited directory in the world, Google, Alexa, AOL and others reconize this directory as a key in their search engine rating systems. Wow, everybody should have their site as part of this directory. Directory listings are free on this site. This directory has numerous catagories, including a Missouri Appraiser.
I entered my information, requesting to be added to dmoz.org, months ago. I re-entered later, and I have not even received an acknowledgement of my application. My site has not been included and I have no idea why. I did some research on dmoz.org and found many other websites have been waiting years to be entered. This seems crazy to me, just enter my site and be done. I would be happy to pay a small fee, if that would help. The directory is not much good without the most recent websites being included.
After talking to several mortgage professionals within the past few weeks, I am convinced that the result of the new appraisal requirements for cash out refinance transactions means less overall appraisal orders.
How can a new underwriting guideline that requires more appraisals cause less appraisal orders? Well now mortgage originators must either consider the cost of paying for two appraisals when accepting a high loan to value ratio cash out mortgage application or bill the borrower for two appraisal reports. That is expensive and a gamble with alot of money in fees. FHA appraisal fees are typically higher than the conventional appraisals.
Some originators have stated two appraisal reports prices many borrowers right out of the market and this money might not pay off is the appraisal report has a lower than expected opinion of value or the home does not meet FHA property standards. The FHA appraisal is a gamble that might not pay off with the sought mortgage loan.
James S. Graner
Real Estate Appraiser
ph (636)916-4325
cell (314)277-3336
fax (636)949-2637
Website http://appraisalmo.com
Blog http://jimgraner.activerain.com
We have another sign that the current plan for reorginization of the appraisal process is coming our way is the help wanted ads. I noticed numerous jobs available for an "Appraiser Coordinator." These jobs are being offered by major lending institutions.
Many Mortgage Bankers and Banks are seeking a clerical person to handle vendor relations with appraisers. Some of the help wanted ads request a person mortgage experience, some with customer service experience and others none at all. I have not found one that seeks a Certified or Licensed appraiser to handle relations with his/her peers. I have not found one ad that requests the applicant to list real estate experience. I would love to see a large local mortgage banker seek an Appraiser in Missouri for this position.
I fear many of these lending institutions will have what many appraisers know as "Phone Monkeys." People that follow up on appraisal orders and have no idea what we do and cannot relate or understand when there is a problem being explained. Many Mortgage Professionals do not really understand our explanations, as appraisers, either. While the current system does not have an appraiser's contacts with him/her on the field, there is a relationship and trust. In most cases, the Mortgage Professional selected an appraiser that they trust and work with, not just a name off a list.
The HVCC appears to be a reality, several changes will need to happen in how it is executed over the next few years.
James S. Graner
Real Estate Appraiser
ph (636)916-4325
cell (314)277-3336
fax (636)949-2637
Website http://appraisalmo.com
Blog http://jimgraner.activerain.com
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