RE/MAX AROUND ATLANTA
  • Home
  • RMAA HUB
  • Events
  • Local Service Providers
    • Attorney Partners
    • Lender Partners
    • Home Cleaning Services
    • Home Inspection Companies
    • Home Warranty Companies
    • Insurance Providers
    • Moving Company
    • Photography
    • Property Management
    • Repair Services
    • Residential Renovations
    • Security Systems
  • OUR TEAM
  • Online Payments
  • BROKER CORNER
  • Locations
  • MAXtech
  • Request Field Services

BROKER CORNER

THE APPRAISAL CAP

4/8/2021

0 Comments

 
Picture
​by Mark Moore with Fairway Mortgage 

The “appraisal gap” as it’s becoming known, is a real issue with the lack of homes and so many buyers.  Multiple offers are commonplace and so are bidding wars.   Even good appraisers who know the market and understand the actual definition of fair market value are struggling to come up with comparable sales that meet the criteria of the agencies (Fannie, Freddie, FHA, etc).  


Now more than ever, current market data provided to the appraisers can help.   Be sure you have copies available of the multiple offers on your listings, and let the lender know that you have them and are willing to provide to the appraiser.   Also, any recent market information you have that the appraiser might not know about can help.  For example, do the realtors involved know of a similar property that has just closed in the last week or is scheduled to close just before the subject property?   If so, providing that information is another way to help appraisers get the value in this tough market.  
 
Fairway uses a very small rotations of quality appraisers in each area of town.   We attempt to provide enough work to those appraisers to become important to them.   They are a very important part of our team and critical to our success and are graded on accuracy, timeliness, and other factors to determine which appraisers make it into our “elite rotation”.  As a result, we have had very few appraisal issues during this market, and we have become the “bailout” lender for many of the big banks, credit unions, and internet lenders who do not use such a strategy.   


However, with the market pressures (everyone asking for faster and faster appraisal contingencies) this can sometimes force us off the elite panel and into a less trusted group of appraisers to meet the ever-shortening time frames.  If you have a good offer, with a solid local lender, encourage your sellers to give that lender time to get a quality appraiser out to the property.   It will create much less stress and hassle down the road!  Faster isn’t always better!!
 
If you have further questions about this or anything else, we are happy to assist.
0 Comments



Leave a Reply.

    RMAA

    Real Estate News, Brokers Blog & More

    Categories

    All
    Broker's Corner
    Mortgage Minute

    Archives

    May 2025
    April 2025
    March 2025
    February 2025
    January 2025
    December 2024
    November 2024
    October 2024
    September 2024
    August 2024
    July 2024
    June 2024
    May 2024
    April 2024
    March 2024
    February 2024
    January 2024
    December 2023
    November 2023
    October 2023
    September 2023
    August 2023
    July 2023
    June 2023
    May 2023
    April 2023
    March 2023
    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    July 2020
    June 2020
    May 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019

    RSS Feed

RE/MAX AROUND ATLANTA
Phone # 404-252-7500
RE/MAX Around Atlanta licensed in the State of Georgia

© COPYRIGHT 2025. ALL RIGHTS RESERVED.
  • Home
  • RMAA HUB
  • Events
  • Local Service Providers
    • Attorney Partners
    • Lender Partners
    • Home Cleaning Services
    • Home Inspection Companies
    • Home Warranty Companies
    • Insurance Providers
    • Moving Company
    • Photography
    • Property Management
    • Repair Services
    • Residential Renovations
    • Security Systems
  • OUR TEAM
  • Online Payments
  • BROKER CORNER
  • Locations
  • MAXtech
  • Request Field Services