This is important information for those who are looking to secure a mortgage loan on a home purchase any time soon. Whenever you apply for a mortgage, the lender will definitely require an appraisal on the new property. Thank you to Tami Carr at Mortgage One Inc for providing us with this great information. She can be reached at Office: 239-839-1123 or by Email: Tami@SWFLMortgages.com
Both buyers AND sellers should be aware of these changes. Sellers need to know that if they accept an offer from a buyer who is securing a mortgage, the valuation from the appraiser could be different than the price agreed upon. Likewise, with buyers, you will want to consider making as large of a down payment as possible in order to give you a cushion if the price/valuation differ and you want to move forward with the purchase.
Rick Brown and Brenda Booth-Brown at The Brown Realty Group can help you with all of your real estate needs in Estero, Fort Myers, Naples or Bonita Springs. We recommend that you also see your lender for specific questions on the matter discussed here.
Here is the article and valuable video: http://thenationalrealestatepost.com/appraisal-time-bomb-coming-in-january-2015/