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2015-03-30 15:57:24
Another Troublesome Appraisal...

Here I am in another transaction with a troublesome appraisal.  Due Diligence was 10 days originally which was extended to 15 days and still no appraisal on day 15.  Since this is an FHA appraisal, I need to request for any necessary repairs by today or ask for another extension.  Since it's an FHA appraisal, I'll have to ask for the extension. 

This could all be avoided if the rules were changed to make the Seller pay for an appraisal before they put the home on the market and make the lenders use this appraisal for at least 3 months.  After 3 months, another appraisal would be required and paid for by the seller.  Only this time, they could negotiate the fee with the buyer.  The second appraisal would have to be completed in 5 days and still must be used by the lenders.  Since most homes/condos in Las Vegas sell within six months, there would not be a need for a third appraisal on most homes.  The appraisal fee could not be charged to the Seller's credit card until the appraisal was in the seller's hand.  The appraisal must be in view for all buyers to see. 

This would eliminate the stress to the buyer's and buyer's agent who are waiting on the appraisal to proceed with the transaction.  It would eliminate the lender waiting on the appraisal to see if they can lend on the home.  This would eliminate last minute negotiations because the appraisal is low.  This would eliminate the buyer being out of pocket for the appraisal and inspection if the appraisal is low.  It would eliminate cash buyers from over paying for homes.  It would  give the seller a better idea of the value of the home and stop them from putting the home on the market for a unreasonable price.  It would help buyers understand that any bid over the appraised price will be considered cash out of pocket that must be paid at the close of escrow.

Why not make the process easier for everyone? 

You can find other blog posts like this on my website.  I hope you find them helpful.  I'll be glad to help you find a home or condo.  Just call, text or email me.  Thanks for your time and have a good day!

James 'Brad' Zebio
Realty ONE Group


Blog Archive
2016-07-31 12:49:01
Appraisals--Why They Effect The Purchase/Sale of a

2015-05-01 13:43:17
Why You May Consider Leasing Before Buying!

2015-04-29 10:42:52
FHA Gift Information!

2015-04-15 10:52:39
Are Swimming Pools Worth the Cost?

2015-03-30 15:57:24
Another Troublesome Appraisal...

2015-03-27 15:59:37
Home Owner's Insurance and Due Diligence!

2015-03-25 20:48:19
Due Diligence...What is it and Why is it important

2015-03-20 15:14:16
What Lender Should I Use For My Vegas Home Purchas

2015-03-18 18:01:58
No Allergies in Las Vegas...Where's My Doctor?

2015-02-22 16:16:50
Never Feel Forced Into Buying A Home!

2015-02-13 13:27:58
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2014-07-01 17:41:30
The Seller Should Pay for the Appraisal...

2014-06-21 16:32:29
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2014-06-19 13:14:35
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2014-06-18 23:42:53
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2014-04-13 20:38:13
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2014-04-12 20:15:55
It May Be Easier For Buyers To Purchase in 2014...

2014-03-24 16:31:08
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2014-03-23 12:52:57
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2014-03-14 17:19:58
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2014-02-26 12:20:28
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2014-02-23 17:25:41
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2014-02-22 11:49:43
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2014-02-10 13:12:49
Preapproval or Proof of Funds...Why?

2014-02-08 13:57:10
Why Hasn't My House Sold? Buyers & Sellers Info.

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