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Mark T. Bond's Blog

By Mark T. Bond | Agent in Lake Ariel, PA
  • What's in an Appraisal?

    Posted Under: Home Buying in Greentown, Financing in Greentown  |  December 16, 2010 7:12 AM  |  420 views  |  No comments

    Any agent in today's market has a tale to tell about a deal falling apart due to an appraisal issue.  Lenders, who just a few short years ago were very lax on the practices, have now over-restricted and over-corrected the process of determing value.

    Consumers of real estate, be they buyers or sellers, have absolutely NO influence on the sequence of events or the outcome.  However, what's important to remember.... going into a transaction, is that not only is the appraisal the pivotal element for a lender moving forward, it's also the moment when buyers and sellers may have to make certain concessions in order to keep the deal together.  It's important to acknowledge this at the onset, rather than being surprised halfway to the settlement table.

    The rules have changed and they're here to stay...for a while, anyway.  Just be aware of those rules before you start the Game!

    If you have specific questions about the process, feel free to give me a call...happy to explain.
 
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