What To Do With A Low Mortgage Appraisal On A Loan
Friday, August 17th, 2007On every loan, there are a number of hurdles that must be overcome before the loan is “cleared to close” by the underwriter. One of the most important hurdles is the appraised value on the property. A deal can be dead on arrival, if the property comes in too low. A value can never be high enough (given the local market conditions), provided that there is comparable value to support it.
I’ve seen too many loan officers work so hard on a loan, only to have it fall apart when the report comes back. But, all is not lost! With my Sink or Swim training at http://www.loanclosingsystem.com and the things I tell loan officers to look out for, I’ve also seen deals come back to life!
Could you have saved your last dead deal? How much money did you lose in commission, because of a low appraisal? Follow these steps and your next deal will be a closer NOT a loser…
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