05/08/2026
This closing was a tough one...
After 2008, Congress put strict rules in place regarding appraisals. Agents and lenders can no longer request or form business relationships with appraisers. The idea was to keep appraisers impartial, and on the surface it makes sense. There were definitely some shenanigans going on back then. In practice, however, what it means is that appraisers who consistently do a good job are not rewarded with more business. We can not even choose to use appraisers who are local to, and understand the area.
We had the misfortune to draw an appraiser from another part of Western PA who couldn't understand the difference between neighborhoods here in Butler, and why a home in one area might be worth more than a home in another part of town.
When an appraisal comes in faulty, the process to correct is is extremely difficult-- many lenders have no idea how to navigate it. Her first lender told her "sorry, this deal can't be done." My buyer was savvy enough to drive by the other homes the appraiser used to establish value, and she knew he was incorrect- she quickly switched lenders, and Jordan Beck and his crew at Northern Mortgage were able to contest the appraisal and bring her to closing.
Thankfully the sellers were patient and compassionate, and the buyer was smart enough to work through the process!
Congratulations, Linda, Shayne and Tricia! It was truly a pleasure to work with all of you!
