Sun, 18 Nov 2012, 2:28am PST
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That's a pretty good article, and I especially like the appr. mgmt companies being owned by banks.
I've told numerous friends and others to ignore what the appraisal is, because it's just a BS number for the banks. I've told them to determine what they will pay, with a little fudge room up or down and go with that, and don't allow emotions into the decision. It's just a house, and there's definitely more than one of them available.
A $500 ink pen is only worth that if somebody actually will pay that price.
Sun, 18 Nov 2012, 3:23am PST
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Robinson said a buyer offered to pay $317,000, but the appraisal came in at $310,000 – the price at which another home in the neighborhood recently sold.
Further down in the article:
In the case of Robinson's townhome, the appraiser could not be reached for comment, and it's unclear what adjustments might have been made. The townhome eventually sold, Robinson said, but for about $6,000 less than what she and the buyer initially agreed on.
So the house that the appraiser appraised at $310,000 sold for $311,000, and they are complaining about an appraiser whose accuracy is that good?