Watch out for the HOA / IRS liens that you mentioned, as well as Mechanics Liens and Personal liens if the home were used as collateral in a biz loan etc.

The 2nd appraisal uses very accurate comps based on square footage, style (ranch) and condition of mechanicals and exterior finishes.

It is true that the mechanics of the deal are not that much harder.

I am just wondering the process of a mechanics lien?

We get in there and they replaced some mechanicals but mostly carpet and paint with countertops etc.It's like an old car.

@Christine Lovett I think your mistake is your emphasis on how they can help you. 

Adding that the order of activities is to be inclusive and not as to any emphasis of the order of description of activities may reduce claims as to getting away from the customary business to be conducted.

How do all of these mechanics take place without the loan being called in then?

See what they are like in terms of electrical upgrades, plumbing upgrades, cosmetics, mechanicals, style, etc. 

I don't pretend to know everything but here are my thoughts and please correct me if I'm wrong.I think your initial post puts too much emphasis on much smaller trends when the market changes.However, the basic premise that prices go down when rates go up is spot on.