I don't necessarily agree with this article or the television brief. Maybe the appraiser did not utilize that property for a reason (could've been a distress sale for what anyone knows - one low comp in a hot market at the time - it's not like we're talking about today's market). Does one comp make an appraisal? Last I recall, it didn't. If the owner bought the house in 2005, she is upside down regardless if she paid $15K too much at the time (semantics in other words). Let's look at the owner and see if she was even qualified to purchase the property. Everyone is passing the buck.
If the appraiser mis-measured... stick it to him. That is something we are accountable for. I measured a house five months ago that was 900 sq ft off from the prior appraisal. The house never would have had the prior re-fi without the appraiser including the additional GLA.
We haven't seen the worst yet. Our economy is in a huge tailspin. Before this is all said and done, we will be lost in a 1929 depression. I'm down a $120K on my house I bought in Jan of 2006. Am I ****ed, depressed, whatever? Uh... yes... but, the appraisal was clean... it's the market... suck it up.
The lady needs to stop passing the buck, take her foreclosure, and rent for the next three years. If she is financially responsible over the next three years after giving back her house, she can get an FHA loan and buy a nicer property for less. Welcome to America lady.
Everyday... my thoughts are consumed by this thinking... I can walk from my house today and my $2,000 a month payment in BFE Arizona (Queen Creek - a single man's hell). I could rent in Scottsdale for $1000 a month... saving $36,000 in the process. On top of that, I'm no longer in a $120K hole. And in AZ, it takes at least six months to get foreclosed on... let me see... six months of no payments... that is another $12K I save (or essentially, a year's worth of rent payments). Thankfully, I'm still busy... and able to pay my car payments (on two newer vechicles), house payment, student loans, etc. I have a finance degree (ironically, from a university in Tampa at that)... someone tell me the financial benefit of holding on to a property that will decline another 15-25% based on noted market indicators over the next two years? Hmmm... makes you wonder how many other people are having the same thought process.
Pam... I applaud your efforts... we actually spoke for about an hour two years ago... I applaud your fight... my quality of work though has kept my firm busy... not number hitting... and I'm sure there are many appraisers on here that are in my boat. Good luck... unfortunately, that article was throwing all appraisers under the bus.
