Stay Up to Date With the Latest Appraiser Guidelines in 2013
As a home pricing specialist, I encourage my sellers to stay abreast of the latest appraiser guidelines. No matter what price a buyer and seller agree on, if the appraiser cannot support that price with recent comparable sales, the loan cannot get approved. That’s right! It’s not just the buyer’s credit worthiness that is considered, but also the property’s worth.
Today’s appraisers are being held to strict guidelines. Be sure your Realtor® knows the most recent changes to the appraiser’s guidelines. Besides recent sales in your neighborhood, they are now charged to find recent local sales of similar homes that sold for less, as well as more, in your immediate area. That is called “bracketing” and gives the underwriter an idea of the position of your property in the neighborhood.