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Tulsa Mortgage : Podcast 144 – Part 2

Tulsa Mortgage So it depends on market too because we were dealing with that in our Colorado markets where all there’s there’s very low inventories so people are making. Multiple offers on houses and not in not getting them. And in some cases they’re like an office on six different houses where they get a contract and then appraisers are so busy because there’s not enough appraisers out there. So you know on V.A you would experience almost 30 day turn times just right.

And what happens now in our market and I can use Colorado as a market is via a pay 7:54 an appraiser appraisal. To that. And most of that goes to the appraiser. And most of the other appraisal is 550. So as of praiser that’s via a certified that approved through the V.A.. Are you going to write or are you going to praise 10 appraisals for a week at 750 a pop or are you going to praise you know 10 regular appraisals at 550. So a lot of the appraisers are putting more effort into the VA because they’re charging so much you’re making so much more money that it’s pushing the turn times out on the conventional and FHA appraisals. Right.

Tulsa Mortgage So then you’re waiting. And so if you have a tech like in Oklahoma we’ve got a there’s a built in 10 day inspection period.

So if you think your appraisal is not going to get done in that you can change that. The seller just agreed to it. You can make your inspection period 20 days 30 days if you want to but you’ve got to if you’re a loan officer just to make sure you’re setting expectations right with your client and then and then know here’s another big thing that happens OK.

So appraisal comes in. And as a loan officer loan officer looks at and says Oh we’ve got the value roll boom we hit value. They don’t bother to go down further down than a report to see that the appraisal is subject to the following repairs. So there’s things that have to get fixed so they just brush it off and don’t think anything because we got the value and then what three or four or five days goes by your processor should be catching this but your responsibility you’re the loan officer and you call your agent you tell them hey we’re good value came in good and you don’t tell anybody that there’s your pairs.

Tulsa Mortgage And then they go pass their inspection period and then you go oh I’m sorry. All these things need to be fixed right. And then guess what happens. You got a realtor that’s ticked acha you got a listing agent and buyers. And then you’ve got your buyer ticked at you.

So you make sure that you’re looking at that report when it comes in and not just looking at the value there’s other stuff that goes into that. In fact what I would encourage you to do. Just like we’ve said previously is redye you read your AUSA findings read the appraisal. If you don’t know an appraisal the format how it works. If you’re a new lawsuit you should just get one read it. Go through it. There’s lots of stuff in there that you’re going to think is just standard they put the senator in there that is the case there’s a lot of standard stuff that goes in there. But you need to be familiar with an appraisal report your professional. God forbid you get backed into a corner and get asked a question you don’t know the answer to. Right. What we do what. What do we do. We do home loans we do home loans. So if you get an appraisal and 70 80 percent of that appraisals land do we do land loans or we do home loans. We do home loans and that could be a problem. Know you to know these things well and you might look at the map of how they use comps and see that your subject property is here in all the comps.

Tulsa Mortgage We had one recently where there was a lake house and there were comps that were 73 miles away. Because it was a metal home. And there weren’t. It was on a lake where there was only like 7 10 houses that had lakefront. It was a small lake and it was a metal home. So it was only metal home at that lake so they literally had to go across the state of Oklahoma for cops.

Well that doesn’t really work. You know that doesn’t really give you a good comparison of value. And then to boot they were trying to buy for about 350 and the appraisal came in at like 1 97. I mean that’s a huge difference that.

Well you’ve got to pay attention to that when there when the report comes in and your appraiser is your appraisal is. There to establish marketability of the home value. That value is the value in that area. You know if you’re buying a three bedroom two bath home on the lake. You’re not going to go look at a one bedroom one bath home lake like say oh this is going to work. You want a three bedroom two bath. So if they’re not using like comps or they’re not using similar comparables you’re not comparing apples to apples right.

Yeah. So read your appraisal. Right. Make sure that if there are repairs that you’re addressing it and if you’re a consumer and you’re listening then the the the answer is make sure that you’re on top of your loan originator or your mortgage company to make sure that appraisal report comes in and you get it done. Within your inspection period. If you’ve got one so that there’s any repairs. Now some some clients will want to get their own inspection done before we order the appraisal because that way if something comes up or they don’t end up buying the house they’re not the cost of appraisal and of inspection.

So that’s not a bad thing either so if you need to do that remember pay attention to the requirements that may come from that appraisal. That’s all we got for today.

Broadcasting live from the koala’s studios in Tulsa Oklahoma. You’re listening to the Steven Tyler show