Restrain
Elite Member
- Joined
- Jan 22, 2002
- Professional Status
- Certified General Appraiser
- State
- Florida
Just finished a rebuttal to a client where the value was questioned by the borrower (refi). The borrower had gone to one of the on-line valuation services and had six sales. Of the six, three were generally comparable. All three sales were inaccurate, reporting sales prices in the $190's whereas the actual MLS sales prices were in the 160's - 180's. Given the errors (invariably where the sales prices are reported higher than actual), I forsee some significant long-term problems for lenders who rely only on these methods. That is, as long as appraisers exist. After that, we will have rampant inflation of values as there will be no real check on realtor and lender actions.
