NOVEMBER 13TH, 2018
What are some of the best ways you can educate your borrowers on appraisals? Luckily, two appraisal experts had a chance to sit down and share their knowledge with us. Some of their tips include:
Setting realistic expectations up-front
Present solid comps if you’re going to appeal the value
Have the homeowners be present during the appraiser’s visit
Explain to them that “what the appraiser is trying to do is identify in their process is the most that the buyer is willing to pay for the property and [find the axis where that meets] the least amount the seller is willing to take.”
To see more tips on how to set correct expectations for borrowers, you can read the article from Housing Wire here.