How to End Appraisal Pressure Once and For All

[Greenback]

...K) It will never work because ------------??? You tell me.

jbs

The solution is probably in the origin.

It can work.

 

[rcsone]

....only pay the MB/LO if they make their loan amount match the unbiased, qualified appraisal......rs

 

[Mike Kennedy]

I also want to see the contract. If there is a trade involved, a large concession, or personal property included, I want to know that. I want to know what the buyer is really paying for the property.

"trade, concession, personal property" affect the TERMS of the purchase agreement between 1 SELLER/1 BUYER.....and have ZERO to do with what the Market indicates the Value of the Real Property is.

The triad above is an IN-HOUSE, underwriting problem. NOT an appraisal problem.

Suggest referring back to the Definition of Market Value utilized by the GSEs. :icon_idea:

Market value is the most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably

and assuming the price is not affected by undue stimulus. <<<<<<<<<<<<<<<<<<<<


Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and

(5) the price represents the normal consideration for the property

sold unaffected <<<<<<<<<<<<<<<<


by special or creative financing or sales concessions granted by anyone associated with the sale.