Appraisal Hell: What's a Home Worth These Days?

Hot news from AZ Home Help:

Posted To: MND NewsWire

One appraisal two appraisals three appraisals...where's the floor???? This statement sums up the home valuation experience for many borrowers in the current lending environment.... "They switched lenders and got another appraisal that, at $290,000, would have allowed the deal to go through. Their new lender was skeptical, and ordered up another appraisal. At the same time, the home they were selling was appraised three times, with each subsequent valuation falling." Obviously this story doesn't apply to every homeowner because not every housing market is under the same amount of downward pressure (from a cluster of distressed properties), but the general frustrations these borrowers face really hit the nail on the head on just how tough it can be to qualify for a loan nowadays. It also paints...(read more)

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Source: www.mortgagenewsdaily.com

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