First Appraisal Mayhem, Now Rate Spike

by Osman Parvez
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At Realty Unique, we’ve been dealing with tight appraisals since early May because of the Home Valuation Code of Conduct.  Although we haven’t lost a deal due on appraisal, we’ve heard of a few deals in Boulder falling apart due to it.  
If you’re in the market, it’s something you need to be aware of. 
Mish (a bearish blogger I enjoy reading) also has a good piece out today on the double barrel impact of higher rates and tight appraisals, including some quotes from market players.   It’s worth taking a few minutes to read Mortgage Market Remains Solidly Frozen
A couple years back lenders were letting anything slide, now they appear to be looking for excuses to kill any deal, especially with the recent spike in rates. If the appraisal and paperwork is not perfect, goodbye loan and goodbye $500 appraisal fee. Customers are not too happy to say the least.

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Osman was a refreshingly honest realtor. He stressed through the entire process that his goal was to make me happy with my home purchase. I greatly appreciated the fact that he never shied away from pointing out the negatives as well as the pluses of different places while leaving the final decision up to me.

We can highly recommend Sophie. Her attention to detail and communication skills are great. Our home was in area that most realtors are not familiar with, but Sophie took extra time to get to know the neighborhood in order to give us quality service. She also brought in a professional photographer to make our home look its best. Even though the listing was in winter, the house sold quickly. With Sophie’s business and people skills, we have no doubt she will be a top realtor in the area.

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More about the author

Osman Parvez

Owner & Broker at House Einstein as well as primary author of the House Einstein blog with over 1,200 published articles about Boulder real estate. His work has appeared in the Wall Street Journal and Daily Camera.

Osman is the primary author of the House Einstein blog with over 1,200 published articles about Boulder real estate. His work has also appeared in many other blogs about Boulder as well as mainstream newspapers, including the Wall Street Journal and Daily Camera. Learn more about Osman.

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