Comment Detail
Date: 01/08/21 First Name: Will Last Name: Neely Email: wneely@hotmail.com Organization Type: other Organization: Neely & Associates, LLC Comment
Trying to save a borrower $450 to more quickly streamline the appraisal process is a terrible idea. Appraisers protect the borrower and the public. Without an appraisal a buyer may be purchasing or borrowing against something that is not worth as much as they think. In the long run it could end up costing the borrower, the bank and the public. You wouldn't believe how many times I've visited a place to discover water leaks, mold or missing appliances and fixtures. Without eyes on the ground, you are blindly loaning money. If a borrower wants a credit line, and the loan ratio fits, then I think a waiver could work; however, when purchasing a property, the borrower needs a professional to inspect the property. I would never purchase a property without an appraisal.
As soon as this market cools, and it will, the delivery time for appraisals will be back to 7 days or less.
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