If you’re selling or refinancing a home in Washington, the appraisal you get back may look different from the ones your neighbors got a year ago. The visit may take longer, the report will be more detailed, and the square footage may be reported in ways that surprise you. None of that is a red flag. It’s a new reporting format, and a little preparation goes a long way.
Two details are worth knowing now. The deadline is based on when the appraisal is first submitted to the agencies’ system, not on your contract date or the visit date, so an appraisal done in late October but submitted in November still needs the new format. And it applies to conventional loans. FHA has opened optional adoption without a mandatory date, VA and USDA haven’t announced timelines, and jumbo or portfolio loans follow each investor’s own requirements. [Read more…]
If you’re getting ready to buy a home, one of the first things you’ll hear is that you need to get preapproved. But what does that actually mean — and how is it different from being prequalified? And what about a loan commitment letter, or being pre-underwritten?
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