Overcoming challenges of borrower-ordered appraisals

A better way to shop for mortgages

By Inman News Feed
Add Comment Add Comment | Comments: 1 | Posted May. 14, 2012

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The writer is professor of finance emeritus at the Wharton School of the University of Pennsylvania. Comments and questions can be left at www.mtgprofessor.com.

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1. Joan Trice said... on May 15, 2012 at 06:24AM

“I appreciate the challenges "low appraisals" bring but they are a protection for the consumer as well as the lender. Most of the pressure exerted on appraisers these days is coming from the consumer and their real estate agent.

A better plan is that a borrower hires an appraiser to represent them. This appraisal may not be used for lending purposes. Then the consumer knows upfront what the home is worth and there is no heartache after they have already applied for the loan. If they can't afford the $400 for an appraisal they can't afford to buy a house.”

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