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.
Thank you, we'll be in touch!