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Arizona Valley Market Conditions

 

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Appraisal fees on the rise?
Friday, April 10, 2009

There are several changes on the horizon for the appraisal side of the business. Starting May 1st, all Conventional appraisals are required to be ordered through a national service which will then randomly assign them to a local appraiser. With an extra set of hands in the transaction this will lead to higher appraisal costs for the buyer and will also add time to the process. This also probably eliminates the ability to rush appraisals. The other change includes FHA and will require that all appraisals include an additional “Market Condition” form. The appraiser is required to include information on active listings and pending sales and comment on how this data factors into the appraised value. Appraisers have said that this can take an extra hour to complete which will also inevitably lead to higher costs and slower turnaround times unfortunately.

Posted by Brian on 09:36 PM • (0) Comments • (0) Trackbacks • Permalink • Email This Post
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