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This episode is all about the pitfalls we have experienced in dealing with lending documents. Didn’t we say before that you should pick an appraiser on the bank approved list? Actually, that’s just the first step. If you read through these appraisal reports, you’ll find that many times the comps they choose are extremely unreliable. They’ll pick comps with huge distances, not even in the same community, or obviously not comparable properties, but they’ll still be selected just because the bedroom count is similar. Or they’ll pick similar properties, but with closing dates before the market downturn. In short, as I... Continue reading