New Homes Columbia SC Real Estate New Construction

I have noticed some big changes recently while buyers of mine are getting Columbia SC Real Estate mortgages.  One thing in particular.  It seems as if a large percentage of appraisals are going to a field review.

What is a field review?  Obviously, when purchasing a house, a lender requires the buyer to get an appraisal.  This is just so the lender can make sure the house that they are lending you money against is worth what you are paying for it.  In essence, if need be, they can get their money back out of the house if they have to foreclose on your Columbia Real Estate property.

A field review happens when the bank does not either believe or has questions about an appraisal on the Columbia SC Real Estate property which you are attempting to finance.  This used to be very rare.  It would only happen if you were paying full asking price, or above asking price.  Then, it still wouldn’t usually happen.

These days in Columbia Real Estate, it happens more often.  A lot more often. 

For example, a foreclosed property within the Quail Valley neighborhood in Columbia SC I sold and closing tomorrow, went to a field review.  My clients purchased the house for $40,000 less than the house was worth.  The mortgage broker ordered an appraisal, and of course it came back a solid amount of money more than my buyers are paying.  Then it went to field review.  Long story short, the field review came back over and above the original appraisal.

Is a field review on Columbia SC Real Estate the kiss of death?  NO!  It adds some time to closing (usually about a week), but as long as it is a solid property worth what you are paying for it, it is no sweat.