Have you worked with a client who had to get a second appraisal performed on a home because the first appraisal did not provide enough collateral for a loan? When an appraisal fails to equal or exceed the purchase price, the buyer has limited options and time to act, meaning buyers may have to walk away from their homes or pay an additional fee to have another appraisal conducted.
The Foundation is helping to ease your client’s financial burden for a second appraisal with our Second Chance Appraisal Grants. Five homebuyers will receive a $500 reimbursement if a second appraisal was purchased on a home.
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
Share our application with your clients who qualify for the grant. Applications are due Tuesday, August 30.