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Doug Jones' Blog

By Doug Jones | Mortgage Broker
or Lender in 95126

Appraisal Problems Continue

When I was allowed to choose my own appraisers my purchase loans went so smooth because I only dealt with professional appraisers who got the job done.
 
Now when I submit a loan the bank will choose the appraiser. Everything can be going so smooth and suddenly the bank will say "we need this or that" from the appraiser. This causes stress for the Realtors, the buyers, and the sellers. The extra condition slows the transaction down and can jeopardize the sale.
 
I was fortunate because I worked with excellent appraisers and their appraisals stuck without conditions and time delays.
 
This appraisal system has now been in place for 3 years or so. It still does not work. It still costs the consumers additional money and it still causes needless problems with the loan transaction. It has not solved any problem from my point of view (a point of view of one who try's to help the consumer).
 
This is a government overreach -- a reach that is typical; costly, unnecessary, and unproductive. I will go a further step - probably unethical the way the system came into play.

Comments

By thorvund,  Fri Jun 21 2013, 08:47
Wow...still the same Dough that I knew way back when....

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