My New Blog

Appraisals used for financing purposes are being highly scrutinized by underwriters.

I was recently asked to return to a house in James City County I had appraised, to take interior photos.  In the past, only exterior photos were required. 

On the same appraisal, I used three reliable comparables with closing dates within six months resulting in net and gross adjustments below 15% and 25%, respectively.  They were approximately three to four miles from the subject.  Underwriting wanted two additional comparable sales within 1 mile, and within 90 days. 

Although we are trying to adapt to the new requests, and minimize callbacks, expect slight delays during the review process by financial institutions.