Local appraisers know local markets better (Part I) (by Laura Olive)

Even the financially well qualified are not immune from the current turmoil of the financial markets.


The financial environment has become much more conservative in their loan approval process, they may require more documentation and they will scrutinize the home appraisal more closely. Clearly, much of this conservative swing was necessary, however, in some cases it has swung too far.

Given these factors it has been extremely important to work with a local reputable lender. There is tremendous benefit to being able to sit down with your loan officer to get questions answered and or problems solved during the home purchase process.

If they are sitting right across the desk from you they will have more empathy for your personal situation and be more likely to offer potential solutions. There will be less opportunity for misunderstandings on the buyer's part about the loan, closing costs and the process. The lender also has a better understanding of local market factors.