An unfavorable examination on the appraisal review can impose a lower value than what’s been established by the original appraisal. From your perspective, these escalated measures jeopardize the loan’s approval. From a lender’s perspective both add unwanted time, attention, and appraisal costs to the process. Even more so, everyone hates when a second appraisal is required. Nobody likes it when an appraisal report needs a review. A second appraisal is the more severe option and requires a new Appraiser to perform another appraisal. It involves a second look from the lender’s staff. The appraisal review is the lessor of the two options. ![]() Appraisal reviews don’t cost any money, and a second appraisal has the same appraisal costs as a first appraisal. Occasionally, an additional examination is required via an appraisal review or a second appraisal. ![]() ![]() ![]() Appraisals are scrutinized during the mortgage loan process.
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