A deal can be dead on arrival, if the property comes in too low cheap nba jerseys . A value can never be high enough (given the local market conditions), provided that there is comparable value to support it.
Ive seen too many loan officers work so hard on a loan, only to have it fall apart when the report comes back Nike Mercurial Shoes . But, all is not lost! With my Sink or Swim training at and the things I tell loan officers to look out for, Ive also seen deals come back to life! Could you have saved your last dead deal How much money did you lose in commission, because of a low appraisal Follow these steps and your next deal will be a closer NOT a loser* Get the appraiser to go back out and re-evaluate the property.
Did he overlook something Did he do most of the report at his desk and spend little time out at the property Was it a rushed job* Be sure to check the comparable properties listed on the report nike mercurial vapor . Ask for additional comparables so you can make sure that the appraiser is valuing it properly.
* Ask your realtor contacts if any similar properties will be closing soon lebron shoes for sale. You may be able to use these as comparables if need be.
* Will the bank allow a desk appraisal If there is significant equity in the property, or the purchaser is putting a lot of money down, is there even a need for a full appraisal What did automatic underwriting come back with Will the bank accept a drive-by appraisal * Did you do your homework upfront first Always be sure to check the property value on your own. A great site I use is domania.com. Also youll want to check the local tax assessors office to get a rough idea of property values in the area. Do this, and youll always be able to get a sense if the deal looks iffy or not.* If its a purchase loan, you can still do the loan, but purchaser will have to make up the difference in down payment amount and pay for the additional missing equity with extra money down. Does the borrower have the funds to do this Are they even that interested in the property to pay above market value Dont count this out! Ive seen it happen!* Will the seller lower the asking price This can help make up the difference between the appraised value and the sales price.* Can you get rid of any seller concessions, which may artificially have raised the purchase price of the home Again, this will help lower the sales price and the shorten the gap.
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