Article By: Jim Porter – February 25, 2017
A great loan officer will always try to save his customer and Realtor money, stress and time on the appraisal portion of the loan process.
The considerate and professional loan officer will always remind the parties involved to make sure the water heater is double-strapped and the smoke and CO detectors are properly installed. If these things are not up to par, this can cause a delay and extra cost for re-inspection fees if the appraiser has to come back out to see the house.
Another tip that can save time, stress and money is deferred maintenance being patched up and addressed before the appraiser comes out to the home.
For older houses built prior to 1978, chipped and peeling paint is something appraisers and lenders will usually want corrected prior to close of escrow and again a re-inspection can cause cost and delays.
Ceiling stains will usually cause an appraiser to note the stains and then a roof inspection may be required. Obvious signs of dry rot, water damage or anything that could be considered a health and safety issue is also something an appraiser may note and cause delays, cost and stress.
Most professional Realtors address these issues prior to the appraiser coming out to the house. However, a lender should always remind the parties involved because time is of the essence in a real estate transaction and when the appraiser delays the transaction, it is usually the lender that takes the heat.
Jim Porter, NMLS No. 276412, is the branch manager of Solano Mortgage, NMLS No. 1515497, a division of American Pacific Mortgage Corporation, NMLS No. 1850, licensed in California by the Department of Financial Protection and Innovation under the CRMLA / Equal Housing Opportunity. Jim can be reached at 707-449-4777.
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