Appraisals used for financing purposes are being highly scrutinized by underwriters.
I was recently asked to return to a house in James City County I had appraised, to take interior photos. In the past, only exterior photos were required.
On the same appraisal, I used three reliable comparables with closing dates within six months resulting in net and gross adjustments below 15% and 25%, respectively. They were approximately three to four miles from the subject. Underwriting wanted two
additional comparable sales within 1 mile, and within 90 days.
Although we are trying to adapt to the new requests, and minimize callbacks, expect slight delays during the review process by financial institutions.