In these dynamic mortgage times, the lenders change the criteria Appraisers need to follow. Many instances the closing is held up by unforeseen aspects which arise during the Appraisal Site Visit. Most Realtors are not aware of the FHA Minimum Property Requirements ( MPR ) which are part of the FHA insured mortgages. The FHA Minimum Property Requirements have not really changed much over the past few years, however building code regulations have. Local Building Code Regulations takes precedence over FHA Minimum Property Requirements in terms of Hand railings and required window opening sizes which are required by local and state law.
Metro Residential Appraisers works with Realtors in Burlington, Camden Gloucester and Philadelphia counties with Listing Appraisals which helps identify some of these issues. In future blogs, we will point out many advantages of Listing Appraisals which benefit both the Homeowner, your client and the Realtors who are listing their client's homes which are offered for sale.
Many Realtors contact Metro Residential Appraisals to help with clients who do not wish to accept your professional listing price of their home. In the coming weeks we will be posting actual cases where Listing Appraisals reduce the DOM ( Days on Market ) and get your listings to the closing table.