Home Selling in North Salem>Question Details

Robert Paul, Real Estate Pro in Bedford, NY

Do Appraisers use your sales comparables anymore? Or do they ignore them under the new law?

Asked by Robert Paul, Bedford, NY Sat Jul 24, 2010

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I think you may be referring to CMA comparables done by the listing agent to guesstimate the listing price? My understanding is that mortgage underwriting has become a much more involved process, with some closes taking 60+ days now. I've even heard of some underwriters requiring two appraisals and that it is not uncommon to get an appraisal meaningfully below sales price (i.e., the buyer will need more equity).

There's gotta be a mortgage broker around who can answer this question for you!
0 votes Thank Flag Link Fri Jul 30, 2010
What do you mean by "your sales comparables"? Are they comparables that you pick and provide to the appraiser when they inspect the property?
0 votes Thank Flag Link Sat Jul 24, 2010
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