Appraisal Matters

Right now, lenders want proper ties that have no problems at all. If there is a slight functional problem or any creative backend financing. Calls from reviewers are up too because the criteria for lending is tight for not just for the person.

There are lots of special financing deals. Cash back is becoming more common, short sales(selling less than owed are being approved and below market owner financing is increasing. I’ve had to update my excel spreadsheet for adjustments for special financing. In the past, the lenders were giving the money away. Now others have to step in.

Lenders are very nervous about using comparables with special financing, but soon that is all that will be available in the market. Without extra incentives, buyers are just not biting.

Eileen