What does a Full Appraisal request by lender mean?
Waiting on a short sale bank acceptance of our offer. The BPM is assigned and complete. Now the bank is asking for a live appraisal. What does this mean and how does it affect our purchase?
Your lender is requesting a full blown appraisal, not a broker price opinion. The appraiser will actually view both the inside and outside of the home. I think this is great because an appraiser will make consistent adjustments between your home and the homes the appraiser is using as comparables to determine an acurate value. Once the lender receives the value from the appraiser the lender should be able to either accept the short sale knowing the value is established and is in line with the offer or they will counter offer the buyer’s offer. Either way, you will be progressing through the process. Good Luck!
In my opinion it’s a good thing. Much more reliable than a broker price opinion.