The latest update in the home buying saga for the region is the pressure put on mortgage lenders and property appraisers.
The heat isn't just falling on real estate agents and prospective buyers anymore.
Data from the Northwest Multiple Listing Service in June shows that King County only had an inventory of 1.18 months of single-family homes (normal being 3-6 months). With so many homes selling, appraisers are overwhelmed with properties to see from buyers eager to close a deal.
This sometimes means appraisers can't get out to look at a property for two to three weeks, which is an unacceptable amount of time for some sellers to wait.
The delay on appraisers causes an additional delay for lenders who can't get the final loan approval or get the documents drawn.
Additionally, automated credit pre-qualifications for buyers aren't cutting it anymore. Oftentimes, a much broader look at potential buyers' backgrounds are necessary.
Now, lenders have to take a deeper look into pay stubs and assets, and that can impact someone's ability to qualify.
Read the original story on Puget Sound Business Journal for more information.