There’s a famous episode of the old television comedy “The Brady Bunch” in which Peter Brady, entering his awkward teenage years, puts the family musical act in jeopardy because of his voice cracking. The incident results in their most famous song, trumpeting the importance of change and how we all have to “rearrange”. In the appraisal business, we may not don the sparkly polyester pant suits, but we can certainly…
It may seem strange that a lender would ask if we are truly nationwide when our company name is Nationwide Appraisal Network, but it’s actually a great question and we know why it gets asked. Many appraisal management companies that claim national coverage are not truly nationwide. Many of them outsource to companies like ours because the cost of compliance is too burdensome. Or they don’t have the people in…
At Nationwide Appraisal Network – Our appraisal dispute process is simple. We track all requests within our portal for each file individually. All you have to do is log in to the portal, find your file, click on the appraisal dispute form and follow the instructions. As you can see on the form, we have included instructions and examples of best practices for using the form properly. You have plenty…
This may be hard to believe, but not all appraisals are perfect… so what does a loan officer or processor do if they find errors or have concerns about the appraisal? So, what’s the best practice for disputing an appraisal and is it really worth going through the dispute process? At NAN, we absolutely think it’s worth it to go through the dispute process if you have reason to believe…
You know one of the things loan officers and processors really have a hard time explaining to a borrower is how is it possible that an appraisal done today has a lower value than the one they had done a year ago – especially when it showed overall sales prices were increasing. This is a tough one that is difficult to explain to a borrower. The section of the appraisal…
“Does the appraiser need to go back out?” “Do I have to get a professional to do the work or can the borrower?” The most common reasons to complete an appraisal “subject to” are when there are existing conditions that affect the safety, soundness or structural integrity of the property. Examples of items that would require repair are cracks in the foundation, an active leaking roof, exposed electric wires, peeling…
The quality and condition of your home are determined by numerous items, including the age of improvements, materials used, updates or upgrades, replacement of mechanical systems, and deferred maintenance. Significant Improvements We might assume that certain updates or improvements will affect appraisal values–but the results often times will surprise us. Improvements are valued based on market data, not what they cost to complete. The market will show what typical buyers…
When the housing market crashed, it created a lot of distressed sales and bank repossessions that are still impacting markets today. An appraiser is typically appraising a property for current market value. If the current market has a significant percentage of distressed sales, they will be a factor when determining market value. If 50% of sales are distressed, that’s representing half the market. It would be misleading for an appraiser…
Ok here is a question we’re sure most loan officers and processors have heard from a borrower “How can the appraiser really know what my house if worth – I mean they were only there for like 20 minutes”. We’ll give everyone some background on the actual appraisal process so they can better answer this question in the future. This is an understandable question because most of the appraiser’s work…
Some of the most difficult appraisals to do and the ones we get the most questions on are the rural and unique properties. As we know, appraisers face unique challenges when appraising properties located in small towns and rural areas or properties that are unique in design. So much so that Fannie Mae released a Lender Letter addressing these challenges in 2014. What we also know is that, the availability…
ABOUT NAN
At NAN, we believe in technology, communication and accountability. Everything we do is with the best interests of our customer in mind.
Days of operation: Monday – Friday
Hours of operation: 8:30AM – 9PM EST
Toll Free: 888.760.8899
Toll Free Fax: 888.765.8899
3180 Curlew Rd, Ste. 107
Oldsmar, FL 34677
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