Bob's Blog

    Appraisers today are more limited than even in the comparables we are allowed to use. For example, one major lender requires comparables be limited to a distance of not greater than one mile and 3 months, with 1 listing and 1 pending sale. Impossible in your area's. This limitation may not lead to an appraisal that is truly representative of the market. However, we have to give them the best we can find.  Most lenders will let us go back 6 months,  so if your CMA was made using sales older than that when the market was better, the current value could easily be lower.  Help us to help you by using current sales as close to the listing as possible.  Another question we are getting many time is " we hear a lot about declining market", what is that exactly"?  It seems like every lender has their own definiton of decling market. Fannie Mae says all market are decling with few exceptions. But what is the "market"?  The market for your house is limited to the homes that are similar in the immediate area surrounding the home. This "mini market" is your market.  If values have declined, it's a declining market. What length of time? Generally 6 months to a year.

Ask me any question and I will try to answer as best I can, write me TODAY!

Bob Edwards, appraiser