In today’s lending environment it’s challenging to know what type of appraisal to order from the very start. With values always in question and various programs available, the decision to go FHA or Conventional is sometimes a tossup.
Gaithersburg, MD -- (SBWIRE) -- 12/11/2009 -- Due to this ordering appraisals can sometimes be a guessing game. Do you order an FHA appraisal in hopes the property meets FHA minimum standards and that the value isn’t high enough to go conventional? Or do you order the conventional appraisal through the third party then pray it comes in high enough to meet the GSE’s guidelines?
What happens when the you order a conventional appraisal and value isn’t high enough for conventional but the property does meet FHA’s guidelines?
There is a better way!
Coester Appraisal Group would like to announce our convertible appraisal. Essentially it’s an appraisal done by an FHA approved appraiser, the inspection, the report and all reporting requirements are completed as if it was FHA, but the only difference is that it doesn’t have to be FHA and doesn’t cost as much as an FHA product. It’s an either or type situation. The scope of work from the appraisers prospective is: “Appraisal for FHA or Conventional financed will be based on a final determination and underwriter approval”
It can either be FHA or Conventional. All it takes is a phone call and an e-mail.
As FHA adopts the HVCC this is going to be vital now more than ever before. No one wants to order two appraisals and pay for two for the same property. With the convertible appraisal no one has to ever!
There is no “upgrading” when it comes to most management companies. Changing the defined scope of work based on the original assignment means more money from your borrower and appraisal fees upwards of $600.00 for one appraisal. With the convertible appraisal this will not happen.
So what’s the advantage?
The advantage is clear. With flexibility of Conventional or FHA it enables both the lender and the loan officer to offer the best product to the customer at the most affordable price.
Contact Coester Appraisal Group Today!!!
About Coester Appraisal Group
Headquartered in Gaithersburg, Maryland, Coester Appraisal group has been providing quality real estate appraisals since 1970. Clients that depend on Coester’s appraisals, BPO’s, AVM’s and property valuation tools include banks, credit unions, mortgage companies, hedge funds, attorneys and government agencies. Their experienced staff provides a quality valuation completed in a timely manner with a correct estimation of market value. Each appraisal is manually reviewed by a staff appraiser for quality and compliance with lender’s underwriter guidelines and is certified HVCC and USPAP compliant. For additional information about the company and its services, please visit their website at http://www.coesterappraisals.com.
Contact:
Brian King
National Sales Director
Coester Appraisal Group
Gaithersburg, MD
(888) 485 - 1999 ext 2
bcoester@coesterappraisals.com
http://www.coesterappraisals.com