Home Appraisals Under Increased Review

Home Appraisals Under Increased Review

Home Appraisals Under Increased Review

For many home buyers looking to get through their inspections and on their way to closing, the appraisal usually feels like the last step in the process. But more often these days, appraisals are throwing a wrench into the home buying works.

Home appraisals may not be the easy and efficient endeavour that most home owners think of them as; home appraisals have always been an important step in the home buying process, but one that seemed pretty straight forward in the past. But, more and more often, mortgage lenders are requiring that home inspections get redone or reviewed.

There are a variety of reasons that lenders may require your new home to have its appraisal redone; many of these reasons have to do with the home buyer's credit score or debt load. Other reasons why lenders may ask for a do-over appraisal is that there might be some question regarding the quality of renovation in a flipped home or previous foreclosure. Many circumstances can affect the value of a home.

Other reasons for a review of an appraised price can be due to the price of a home in relation to the other homes in the area. If enthusiastic buyers bid up the price of a home, the appraisal can come in much lower. If homes in an area have been increasing or decreasing quickly, sometimes the comparison sales in the area will not match up with the prices or current homes for sale. Be sure that if any homes in the area that you are looking to buy in seem priced inappropriately for the area, you ask your agent about it because that price could affect your appraisal as well.

With the increased number of reappraisals that have had to take place over the last year, there have been some unfortunate side effects that have happened for home buyers. Because of the increased need for appraisals for closures by the June 30th deadline for buyers to qualify for the Home Buyers Tax credit, there is an increased push on home appraisals. To combat the bottleneck of home appraisals that still need to be finished for June 30th closings, there was an initiative introduced in the Senate to allow homeowners an additional three months to achieve the closing on their new homes. Unfortunately, the Tax Extenders Bill failed to pass in the Senate, making June 30th still the final closing date.

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