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Declining Market vs. the Appraiser

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Elite Member
Jan 22, 2002
Professional Status
Certified General Appraiser
Appraisers are still not willing to make the call on a slow or declining market - just want to make the numbers.
Evidenced by the following:
Did a field review for a client in the Plano area - heavy telecom. Lender was suspicious I guess due to an adjustment for interior finish to each sale, which, curiously enough, gave each sale a similar value to within $1000 on a high $ home. On my review, I found that the appraiser had used one sale since September, 2001. The other three were prior to that and prior to the begin of the layoffs and economic downturn. I called the realtor on the only closed sale after 9/2001, and she stated that the home had sold at market - it took almost a $40K reduction to move it. I then checked and found numerous sales in the subdivision, all at reduced prices and extended marketing times. The actual value was far below the sale price and the sale price was far below the initial asking price.
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