Appraisals, Last Line of Defense to Poor Lending

With the housing slump being the longest running in WNY (some may think decades), many new homeowners may find it difficult to find the home of their dreams when appraisers disagree with the values. Do not fret, this is a good thing! The purpose of an appraiser is to protect the borrower as much as the lender in terms of their investment. Yes, a home purchase is an investment for the borrower; though it is never thought of this way, a home is an investment, not only in a person's/family's future, but also in their net worth.

Have you heard the term "under-water" in reference to mortgages?

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