With some markets being hard hit, how are banks going about getting appraisals now for new loans?
Christine, banks like mine are getting appraisals by ordering appraisals from appraisers on our approved list; this to provide a professional, objective value to the real estate property. I can tell you that appraisers are working harder than before to write and deliver their appraisals so banks can provide a loan commitment toward financing a real estate transaction. The reasons include values being affected by large inventory of properties listed for sale, completed sales of distressed properties (short sales, foreclosures and etc) and of course declining market values in certain geographies. Sometimes upper bracket properties require more than one appraisal for reasons of a second opinion to justisy value.
