Thursday, 13 February 2025
By Mortgage Outlet
Leah Zlatkin quoted in Storeys.com: ‘Experts Caution Against Blanket Appraisals, Calling It A “Questionable Practice”’
https://storeys.com/blanket-appraisals-questionable-practice-experts/
A blanket appraisal allows the buyer to secure the mortgage they were anticipating when they committed to the investment in the first place, Leah Zlatkin, a licensed mortgage broker underscores that the territory is tricky given the realities of today’s market. And in some cases, she warns, it can put buyers who aren’t so mortgage-savvy in a really dangerous position, “where they think their property is actually worth more than they think it is.”
A blanket appraisal allows the buyer to secure the mortgage they were anticipating when they committed to the investment in the first place, Leah Zlatkin, a licensed mortgage broker underscores that the territory is tricky given the realities of today’s market. And in some cases, she warns, it can put buyers who aren’t so mortgage-savvy in a really dangerous position, “where they think their property is actually worth more than they think it is.”
On top of that, she draws attention to the resale risk, which extends to investor buyers with hopes for a near-term flip and end-user buyers alike. “Say your property’s only worth $420,000, but your mortgage was based on $500,000, you may be at a loss if push comes to shove and you need to sell the property tomorrow.”
