Through our appraisal consulting services you can obtain a comparable value search without wasting your clients’ time and money for a full appraisal, while saving yourself time on submitting a file that has no chance of hitting the value.
In addition you will have some ammunition in the way of comparables if the bank’s appraisal comes in low.
Possible scenario situations to consider while servicing a loan:
Scenario Situation #1: Borrower states the home is worth $650,000, you need the equity to make the loan fundable. The broker spends 3 to 5 hours working the file, the borrower spends $450.00 for an appraisal fee only to find out that the home is valued at $500,000 in the current market. Result: Dead file, wasted time and money. No one is satisfied.
Scenario Situation #2: Borrower states home is worth $650,000, you need the equity to make the loan funable. The broker spends 10 minutes sending us the comparable value search request and with-in 1 business day we advise you that the top of the markets value for subject’s area is $500,000. Result: Dead File with minimal time expended by broker and nominal fee to either the broker or borrower. Everyone’s satisfied.
We’re here to help you save time and save your borrower money in the long run. If you are 100% sure the loan to value ratio is there then our service is of no help to you, but if your not sure you can order a comparable value search.
Process of the comparable value search:
We pull public records for the subject/borrowers property, search MLS for what the appraiser would consider the most recent and most relivant indicators of value for this specific property taking into consideration the size of the dwelling, size of the lot, date and always look at the location, location, location. You can’t get this information from putting the subject’s address into a website or receiving a list of sales from a title company.
We also take into consideration the most current listings, if they are short pays or not and if they are a bank owned property. Listings can never help you, but a low listing that is deteremined to be viable (not a short pay or a tear down) can hurt you.
A true list of comparables with a high and a low end for the broker and borrower to review and determine if the loan is fundable.