15 Jul Tips That Can Help Lenders Avoid Appraisal Delays
Home appraisals are an important step for lenders to finalize the loan process. Banks will not approve a mortgage that surpasses the actual value of the property. This is the reason it is significant to get the borrower’s property evaluated, before giving final approval on the loan. A lender can make the appraisal process a breeze through being proactive and aware. But, when a national appraisal management company like Arivs is in the fold, it can make the process that much more efficient. Here are tips that can help lenders avoid appraisal delays.
#1- Find Out Turn Times In The Neighborhood
First things first. Seek the turn times in your appraisal region to better understand how long the appraisal process can last. In doing so, it helps lenders prepare the clients for the appraisal process as well. It’s not a guarantee to know appraisal turn times and how they affect timing. However, it is possible that finding knowledge relevant to your property and communicating this to your appraiser, is good for improving turn time by saving both parties the hassle of discussing things back and forth. The key here is to never lose sight of the upfront expectations.
#2- Creating A Robust Network
If you are working with our national appraisal management company, then bravo! You are one step closer to leveraging your overall appraisal network. In conjunction with your efforts, appraisal management companies can aid with in-depth research for all types of matters. The better you network, the faster access you will have to quality reports that get your job done, with the least amount of time used.
#3- Preparing Yourself
It’s never too late to step up how you prepare for the tasks at hand. By keeping up with the changing regulations and the impact they have on appraisals, not only does it help with your understanding of the ins and outs of appraisals, but it can also prevent potential delays. Track appraisal trends and learn to predict the latest real estate and appraisal world trends. Moreover, ensure that the bank remains on top of regulations, as a means of facilitating the prediction process.
#4- Watching Out For Title Defects
Another common cause of delayed closings is an issue with the property’s title. Both buyer and seller would benefit from having an attorney in the process early on, so that the transfer of a clean title is guaranteed. After all, a home without a clean title is basically unsellable. Certain title-related issues arise frequently. These can include errors in the public records, unknown liens from previous properties, missing or unknown heirs, etc. Many of the aforementioned defects can be solved, but doing so will take up significant time and resources, leading to the delay or possible cancellation of the closing.
Arivs: A National Appraisal Management Company That Can Help You Avoid Appraisal Delays
Arivs is proud to offer its level of knowledge and skill to those who need it the most. If you want to learn more about streamlining the appraisal process, contact our team today to get started!