Reality Mortgage Episode: The Appraisal that Baffled the Realtors and Confused the Buyers

This story unfortunately is typical in 2010.The perfect home, the perfect buyer, anxious sellers and friendly realtors.The clients signed contract, were putting 20% down and then they applied for their mortgage. They applied at a bank branch of a well-known bank.An appraisal was ordered and guess what: it came in 100,000 short.The realtors called a very respected local appraiser who told them that the value was clearly there and the other appraisal was off the mark.All my stories have happy endings.Since my AMC (Appraisal management Company) only uses LOCAL appraisers, the deal came to me and I was able to appraise it, commit it and lock the rate at 4.75%!! I can’t tell you how important it is to apply to a local mortgage professional, who has a vested interest in their reputation.I have built my reputation for the past 22 years as a professional who gets the job done right, efficiently, timely and with great rates and service to my clients. Unlike the employee of a local bank branch that is taking mortgage applications now because that is his/her job description until they climb the next rung on the corporate ladder, I am here to stay.