74. How Appraisals Impact Your Loan & Refinances

It’s interesting that while appraisals are such an important piece a loan they can vary so much depending on the appraiser. Every loan for the most part (unless it’s a hard money loan) will require an appraisal. This provides the bank or person issuing the loan with a realistic value of the property so they can feel comfortable lending on the property. But what happens when the appraisal is less than what you were expecting? What happens if there are no competitive sales to help value the subject property? How exactly are appraisals valued? We’ll answer those questions and more this week:

• Why most all lenders will require an appraisal
• What happens if the appraisal is less than the purchase price? 
• What methods to appraisers use to value a property? 
• Commercial vs. residential
• The problem with today’s crazy market! 

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