Do you mean the home has to actually appraise?
California Housing Crash, Florida Housing Crash, Real Estate June 17th, 2009
Yes, believe it or not, banks are being more careful before handing out the money so people can buy or refinance homes. What a concept!!!
According to the Sun Sentinel:
Real estate agents, mortgage brokers and buyers, as well as homeowners who want to refinance their loans, are feeling the effects of rules designed to prevent inflationary appraisals that helped fuel the housing boom.
South Florida real estate professionals and their clients say the rules contribute to low appraisals, which jeopardize home sales and refinancing applications.
Mortgage brokers and real estate agents are upset because they’ve lost control of appraisals, said Dan Morden, an appraiser in Broward and Palm Beach counties. “That’s a bitter pill for them,” Morden said.
