Having been a licensed Real Estate Agent/Broker in Arizona since 1976, I get many folks asking good real estate questions all the time, and this is fine! I invite anyone to contact me anytime about their real estate needs or questions.

One of our latest issues effecting a lot of people, including those residing in Trilogy are "Review Appraisals". I'll do the best I can to try and describe in Layman's terms. If you or anyone you know are trying to refinance an existing Mortgage, or obtain financing to purchase a home, it is inevitable that you must have an Appraisal, and it has been this way for as long as I can remember. Well......now we have a new deal regarding Appraisals, due to what has happened to our real estate industry in the last several years regarding issues with financing and Appraisals. Seems that Fannie May and Freddie Mac have instigated a new process whereupon they are requiring all Lenders that I know of to participate in obtaining a 2nd opinion to an initial Appraisal. In other words, let's say you received your Appraisal of which your Lender ordered to obtain financing, and all is good, your Appraisal came in right on the money and you would go forward in closing the new financing or sale. In today's world, the Lender must order a separate 2nd Appraisal so they can act as a disinterested 3rd party and give their professional opinion regarding the value of the property. This may not be all bad, because it is very possible the 2nd Appraiser may agree with the 1st Appraiser, and most of the time this will occur. However, there are instances happening right now where the two Appraisers have differences of opinion, and this is where is gets kind of "hairy". How can this be corrected? The 1st Appraiser can challenge the 2nd Appraiser and it's very possible the two Appraisers will eventually agree. If they cannot mutually agree upon final value, then we may have a problem. If an Appraisal has been ordered for the use of refinancing or new financing, the Appraised amount will only effect the loan amount. If on the other hand the financing involves the sale of a property too, it even gets "hairrier" as the Appraised amount may be different than the "Purchase Price" of the property. It may be lower or higher. If this happens, and Appraisers cannot come to terms regarding the final Appraised value.......and the Buyer, nor the Seller will not fluctuate off the Purchase price, then this could definitely be a "Deal Killer" and all of this activity was for naught! 

Here's the bottom line, real estate transactions are getting more and more difficult to comlete and close. Borrowers are having a much harder time in obtaining finaning, irregardless of past credit history, and of course with the new "Review Appraisal Laws", new financing is becoming very difficult.

There has never been a time in my past where a person needs the services of a professional Realtor, more than now. We have some real challenges ahead of us, and again, I invite you to please call or email me with any issues you might have with your real estate needs. I'll be happy to assist you in any way I can! Thank you, Lee Moore Sr.