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Home Selling in Ashburn : Real Estate Advice

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Mon Mar 10, 2008
Tman answered:
It can depend on the lender or the appraiser - or both.

Think about it for a moment .. appraisals have never been an exact science, far from it.

Most appraisals were really like throwing darts .. appraisers would look at the "stats" of 5 or 6 comps in the neighborhood and basically do a drive-by of yours, look at the loan figures and add 10% ... and depending on the area and how long the the lender had carried the paper and it wasn't commercial property, it would be accepted ... it's been that way for 20 some years.

I've seen appraisers spend 4 minutes doing an appraisal on a 6,500 sq ft home when it takes 5 minutes just to walk around it .l.o.l.. .. and some appraisers haven't left their office since 1995 .... I bet they are now.

I would guess that some lenders will have a much tighter reign on it now - but that's a guess ... but I do know every lender does have a whole new set of policies and procedures and they're not supposed to use the distressed figures ... but some lenders still do.

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