Like every market, it truly depends on the property's location, condition and price whether or not an appraisal is "favorable" or not. Last year there was a change in appraisal regulation and we saw a lot more conservative appraisals coming in. Depending on the location/neighborhood of the property, the appraisals are indicating a response in favor of a slightly higher market than last year. Honestly, the appraising has nothing to do with loan modifications from what we are experiencing in my office. Since the banks have the TARP money, they are not realy working hard to assist folks in loan mods. Also, what people don't understand about loan mods is they are not loan reductions, simply a reduction in monthly payments for a temporary amount of time. Most of my clients and friends are not getting much support from their mortgage lenders in providing them a loan modification.
Cynthia Sparagna 818.207.9399
E&A/Sotheby's - Sherman Oaks