Posted by Claudine Osborne on 10/16/10 10:05pm
Msg #357082

Low appraisals

I do quite a bit of closings for an Ohio bank. I was talking with one of their LOs the other day. He states that in the last 6 days..he has lost 8 million dollars worth of loans due to the appraisals coming in too low. He also said there are a lot of loans in the pipeline..whoopee! Appraisers are being extra cautious these days..

Reply by Stamper_WI on 10/17/10 9:01am
Msg #357091

I think the average window of time for comparable sold and closed properties is up to 6 months back. So that is what is doing it not the appraisers being cautious. When the prices were shooting up, there was the same complaint because of the price wars during the boom. People were buying at more than asking price.

Reply by James Dawson on 10/17/10 10:33am
Msg #357095

A lot of me recent signings have complained about their appraisals being unreasonably low also Claudine.