{"id":198,"date":"2016-09-11T09:15:16","date_gmt":"2016-09-11T09:15:16","guid":{"rendered":"http:\/\/gottosellmyhouse.com\/?p=198"},"modified":"2016-10-20T15:51:57","modified_gmt":"2016-10-20T15:51:57","slug":"appraisals-remain-a-problem-for-thousands-of-real-estate-agents","status":"publish","type":"post","link":"https:\/\/gottosellmyhouse.com\/en\/appraisals-remain-a-problem-for-thousands-of-real-estate-agents\/","title":{"rendered":"Appraisals remain a problem for thousands of real estate agents"},"content":{"rendered":"

Back in 2012, appraisals were a hot item. Thanks to a myriad of factors \u2013 chief among them inexperienced appraisers and dramatic changes to how the industry was organized \u2013 low appraisals were the cause of numerous contract failures and considerable headaches for real estate agents, and were covered consistently by real estate trade groups and the media.<\/p>\n

Since then, though, appraisals have drifted into the background, but a couple of market analyses \u2013 one by Campbell Surveys, another by the National Association of Realtors \u2013 have made clear that appraisals are still an issue for many an agent, and that we are not out of the woods just yet.<\/p>\n

Delays at the appraisal stage<\/h3>\n

According to the latest\u00a0Campbell\/Inside Mortgage Finance HousingPulse Tracking Survey from Campbell Surveys<\/a>, appraisals are still responsible for a shockingly high share of closing delays.<\/p>\n

For the survey, which sampled some 2,000 agents through August, appraisal-related issues were responsible for 15.6 percent of delayed closings, a considerable increase from the 10.7 percent recorded in April. Furthermore, the share of one-time closings for Fannie Mae\/Freddie mortgages with PMI has fallen each of the last four months, and finished August at 63.6 percent; that is a marked contrast to all-cash sales, which closed on time 79.1 percent of the time.<\/p>\n

\u201cMany real estate agents participating in the HousingPulse survey said they have seen difficulties getting appraisals scheduled, prompting closing delays of up to a month in some instances,\u201d Campbell Surveys stated. When delayed, Fannie\/Freddie mortgages with PMI were extended 17.0 days, while FHA mortgages were extended 18.6 days.<\/p>\n

Appraisals and Realtor confidence<\/h3>\n

Complementing\u00a0Campbell Surveys\u2019 findings is\u00a0the National Association of Realtors\u2019\u00a0latest Realtor Confidence Index<\/a>,\u00a0which has also\u00a0documented the\u00a0appraisal problem.<\/p>\n

Between June and August, Realtors reported\u00a0that 64 percent of their contracts were settled on time, with 30 percent being delayed and 6 percent canceled.<\/p>\n

And although appraisal issues were not the most prominent reason for contract delays (that distinction belonged to financing issues), they still delayed closings for 23 percent of Realtors, and as our chart below shows, that share has been on the rise from the start of this year.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n
Month<\/th>\nShare of Appraisal-Delayed Contracts<\/th>\n<\/tr>\n<\/thead>\n
Feb. 2016<\/td>\n16%<\/td>\n<\/tr>\n
March 2016<\/td>\n18%<\/td>\n<\/tr>\n
April 2016<\/td>\n22%<\/td>\n<\/tr>\n
May 2016<\/td>\n23%<\/td>\n<\/tr>\n
June 2016<\/td>\n27%<\/td>\n<\/tr>\n
July 2016<\/td>\n27%<\/td>\n<\/tr>\n
Aug. 2016<\/td>\n23%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

59<\/div>\n","protected":false},"excerpt":{"rendered":"

Back in 2012, appraisals were a hot item. Thanks to a myriad of factors \u2013 chief among them inexperienced appraisers and dramatic changes to how the industry was organized \u2013 low appraisals were the cause of numerous contract failures and considerable headaches for real estate agents, and were covered consistently by real estate trade groups…<\/p>\n","protected":false},"author":1,"featured_media":199,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[11],"tags":[],"yst_prominent_words":[137,152,139,121,141,119,129,143,127,146,135,125,131,117,13,123,133,148,145,150],"class_list":["post-198","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","description-off"],"_links":{"self":[{"href":"https:\/\/gottosellmyhouse.com\/en\/wp-json\/wp\/v2\/posts\/198","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gottosellmyhouse.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gottosellmyhouse.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gottosellmyhouse.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/gottosellmyhouse.com\/en\/wp-json\/wp\/v2\/comments?post=198"}],"version-history":[{"count":3,"href":"https:\/\/gottosellmyhouse.com\/en\/wp-json\/wp\/v2\/posts\/198\/revisions"}],"predecessor-version":[{"id":290,"href":"https:\/\/gottosellmyhouse.com\/en\/wp-json\/wp\/v2\/posts\/198\/revisions\/290"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/gottosellmyhouse.com\/en\/wp-json\/wp\/v2\/media\/199"}],"wp:attachment":[{"href":"https:\/\/gottosellmyhouse.com\/en\/wp-json\/wp\/v2\/media?parent=198"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gottosellmyhouse.com\/en\/wp-json\/wp\/v2\/categories?post=198"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gottosellmyhouse.com\/en\/wp-json\/wp\/v2\/tags?post=198"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/gottosellmyhouse.com\/en\/wp-json\/wp\/v2\/yst_prominent_words?post=198"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}