Slow Sales Causing Appraisal Problems.
By George Souto, Your Connecticut Mortgage Expert
(George Souto NMLS #65149 FHA, CHFA, VA Mortgages)
One of my Borrowers Closed on a Refinance Loan yesterday that many of us in this Industry would consider a "Slam Dunk Loan". This Borrower had Credit Scores in the 800's, ratio's of 15/17, and 60% LTV. "Slam Dunk" right? Wrong! This house was located in a neighborhood made up of a small cluster of house that are separated from most of the other residential neighborhoods in town. The last known sale in this neighborhood was 8 months ago, and nothing comparable to it in near by neighborhoods had sold in a lesser time period. The Appraiser did an amazing job in documenting and justifying the value of the house on the appraisal, but the 8 month time period began to create a big problem. See Banks/Lenders need to have the option to sell off loans on the Secondary Market when they need to...
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