Appraisal Process Disadvantages Mortgage Borrowers

Does an outdated and sluggish appraisal system give an outsized advantage to cash buyers?  A recent panel discussion sponsored by the Urban Institute (UI) led to that conclusion.  Four experts gathered by UI concluded that "The real estate appraisal industry must streamline the appraisal process, reevaluate professional requirements for new appraisers, and embrace new technology to meet the demands of today's housing market."

A summary of the panel discussion was written for the Institute's Urban Wire blog by Sheryl Pardo, Associate Director for Communications.  Pardo says obtaining an appraisal, a necessity for a homebuyer who needs a mortgage, has become a longer process in recent years, creating a challenge for those who can't afford to pay in cash.

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