Appraisal Quality doesn't cost, it saves.
There's an old adage that states "you get what you pay for", and nothing could be more poignant and true than when it comes to a home Real Estate Appraisal. A poorly prepared, poor quality, and minimal effort appraisal costs everyone in the long run, including the originating Loan Officer/Mortgage Broker, the Appraisal Reviewers, the Bank Underwriters, and finally the borrower/client in the end.
There is a disturbing new trend in the industry towards faster, cheaper, and significantly limited and inaccurate appraisal reports in an effort to save a buck. This frequently back-fires when the loan deal falls through because the appraisal is rejected.
A poorly prepared appraisal and report will be quickly rejected by the initial reviewers or underwriters, which drives cost and delays the overall loan process. In some instances, Bank Underwriters are forced to require a special review appraisal be performed, or may even insist on a complete re-appraisal of the property again. Depending upon the review results, they may very well reject the entire loan package based on missing or inaccurate information. If the property was overvalued, many times the borrower/client is the one that ultimately loses in the end since the qualifying value could not be met, so they have paid for a worthless appraisal.
As part of our ongoing appraisal business, we also perform numerous appraisal reviews each year, and find that many of the recent appraisal reports are overvalued due to inaccuracy, or in some instances, out and out fraud, and all of these properties must be reappraised at a considerable cost. These reviews then go back to the underwriters, who must then face the loan cancellation dilemma.
PAA - Professional Appraisal Associates has been performing high quality, comprehensive, and accurate Real Estate Appraisals for over 25 years. Instead of wasting time and money, give us a call and let us help you save money up front by performing a quality Real Estate Appraisal at a best value price. For more information about Professional Appraisal Associates, visit us at our Website at: ProfessionalAppraisalAssociates.com or feel free to call us at (805) 688-5033.