Here’s another video from Eric Chavez of Loan Logic.
In this video, Eric talks about how a mistake by an appraiser can add time and trouble to the mortgage process, and how the current system is a little out of whack.
“So when I say it’s a crazy world I’m really talking about the mortgage process, and more specifically, the appraisal process. Here’s a great example: I have a client that is purchasing a home and the appraiser goes out misreads the purchase price on the contract and appraises the property for about $8,000 less than what the actual purchase price was, for no other reason that they misread the purchase price, and they acknowledged such, but what did I have to do to fix the situation? I had to go through an entire dispute process adding additional comps I had to get from the real estate agent to support the value where in the old days the appraiser could have just acknowledged the mistake, cured the appraisal and we could have gone on our merry way. But not any more; that’s the world we live in today.”
Eric Chavez can help you navigate the sometimes tricky water of getting a mortgage in Albuquerque NM.