Property Appraisals Causing Home Sales Delays
Charlotte, NC – For people trying to buy a home these days, something many thought would be routine -- is turning out to be the biggest stumbling block. A home buyer who simply refers to himself a Tim says, “The problem has been getting an appraiser to come out and do that piece of the plan." Tim says in his case getting an appraiser has taken 3 weeks. It's because under a new law, banks can't go directly to the appraiser, instead a middle man has to be used. Tim says the case was bid out. "Its the measures that have been put in place by our government that are requiring the financial folks to go through this bucket and pool of appraisers."
The register of deeds and real estate attorneys tell FOX Charlotte, they're hearing from realtors, that its taking between two weeks to an entire month longer to get homes sold. They say the appraisal process is a big reason for the delay. But veteran appraiser William Bryant says, “Relax, it's a process.” That's the best advice he has for potential home buyers.
Bryant also says, new rules governing home appraisals are meant to protect potential buyers. Now there's no pressure on appraisers to fudge numbers or make the deal work. Bryant says, “We don't worry about that anymore because it doesn't come from somebody we know, it comes from anybody, so therefore it is a true value opinion from us."
Still many home buyers like Tim are frustrated. He says, “I understand that they're trying to protect the homeowner, but the appraisal process is just, it just needs some attention and it needs it quick."