The Appraiser's Blog...

Well here we are just a bit over a week away from last post and things are a changing. You may or may not have heard that some of the sub-prime lenders are taking it square in the face this week. Many invertors appear to be pulling out of this area of the market due to understated figures and many, many first payment defaults which causes the lenders to have to buy back the loans and this effects their liquidity. I guess this is bad and good in a way. The market is correcting itself but at the same time it is taking away a lot of options for those that are on the borderline sub-prime fence. Kind of sounding like a few bad apples are running the bunch. This will definitely have an effect on appreciation of homes as there are less potential buyers in the pools so sellers are going to have to reduce prices to get there homes to move. On the flip side this could be a great time to buy a house if you are one of the good credit folks. It may be a more important time than ever to get an accurate appraisal on a home you are purchasing! If the appraisers is using comps from 8 months ago on your appraisal you are likely paying too much especially if it is a townhome or a condo. On another note...

HOME INSPECTIONS. Appraisal WerX has a running discount with it's sister company Inspection WerX. If Inspection WerX does the home inspection on the property and the buyer decides to move forward with the transaction Appraisal WerX will discount the appraisal $100 as we already have all the info we need to complete the appraisal. This is very convenient a loan officer as two birds can be killed with one stone. On top of that we will have it back faster as the field work is already done. Your borrower will love it to as they get to save some $$$.

That concludes this blog. Till next week...

Lanny