Appraisals are expensive for borrowers, and often they’re hesitant to spend the money if they have a concern that the deal won’t close. This is especially true for unique properties, or locations where there isn’t good historical data available to the lender.
In this case we often suggest that the borrower provide a series of pictures of both the inside and outside of the home, similar to what an appraiser would provide. Pictures truly are worth 1000 words. With these in hand, our underwriters can quickly let you know if they like the property and its worth proceeding with an appraisal, or if its not likely to receive an approval and the cost of an appraisal can be saved.
The additional benefit is that, as a broker, you’ll see the pictures and can address any concerns with the borrower so that you can provide a full story for anything that might give rise to questions from the lender.