If you are going to buy or refinance your home, beware: Your appraisal may cost more than before, and take a lot longer. It’s not surprising that lenders are trying to make sure that appraisals more accurately reflect the value of the property today. After all, they’ve taken a big hit on loans where inflated appraisal values contributed to foreclosures.
But their “solution” to appraisal problems often just mean more headaches for borrowers — and higher costs as well. Randy Johnson a mortgage broker who has financed over $1 billion in properties shared the latest scoop in his post about Appraisal Hanky Panky on Creditbloggers.com.
Just one more thing to deal with when you’re trying to buy a home. Seems like they are making the “housing turnaround” an awfully wide turn.
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