We’ve heard your stories.
Stories in the media indicate that bias in appraisals may be more prevalent than once thought. When an appraisal fails to equal or exceed the purchase price, the buyer has limited options and a limited amount of time to act. Many people in this situation have to walk away from their dream home. Others pay an additional fee to have another appraisal conducted. If you or your clients have found yourself in a situation where the appraisal does not provide enough collateral for the loan, we encourage you to apply for our new Second Chance Appraisal Grant, funded by the CAR Foundation.
Five homebuyers will receive a $500 reimbursement if a second appraisal was purchased. The application deadline is Tuesday, August 30.
Applicants must:
- Be a CAR member or CAR member’s client
- Have closed on the home within the last six months
- Be a primary owner of the home located in Chicago or the suburbs of Cicero or Berwyn.
- Show proof of both the first and second appraisal purchase (this includes both appraisal reports and receipts, if available)
- Have had the second appraisal come back at least 5% higher than the original appraisal