Appraisals Still Killing And Delaying Home Sales - NAR

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Posted To: MND NewsWire

A "sizable share of real estate appraisals are holding back home sales" the National Association of Realtors® (NAR) said Wednesday as it released results of a September survey it conducted among its members. Sixty-five percent of Realtors who responded said they had experienced no problems related to appraisals over the previous three months, but 11 percent said they had a contract cancelled because an appraised value came in below the negotiated purchase price . Nine percent reported a delay in a transaction and 15 percent said a contract had to be renegotiated because of a low valuation. NAR stressed that most appraisers are competent and provide valuations in compliance with the Uniform Standards of Professional Appraisal Practice. "However, appraisals generally lag market conditions...(read more)

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Source: www.mortgagenewsdaily.com

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