I'm going to put together a reply. Just can't right now.
Now we know what part of his problem is. He handed a potential comp to an appraiser and that appraiser didn't use it. The 'question' came from a real estate agent for a refinance of her own condo and she handed the appraiser comps that weren't used.
How many of us are handed 'comps' by a HO or agent that are NOT COMPARABLE when there are newer, nearer, more similar ones available? How often are those 'comps' offered ABOVE the actual market value of the subject??????
I've even been handed comps that I already had and did use that when properly adjusted, brought it in under what an agent wanted; then the agent sends that same comp again for me to consider! They didn't even notice that I'd already used it!!!!
I always request a copy of the CMA or any appropriate potential comparable sales from anyone that is willing. By doing so, when they bit** later I let them know I considered every bit of the info they provided. I'm sure like with most of you, the info they provide generally leads me to the value they want, while ignoring the appropriateness of the info.
Waterfront house in the Florida Keys. Listed 2-02 for $949,000. Reduced to $920,000. 8-02. Sells for $875,000. and closes 10-31-02.
"Re-sells" 12-06-02 for $1,150,000. --realtor calls it a "bargain"--I ask, "If it is a bargain, how come it has been on the market for almost a year"????---
Came in at $900,000. Realtor goes "bersek", faxes 4 "comps" 3 of which had lot sites of over 50,000 square feet (subject had 16,070 SF)**. 4th comp I already had (same street)--better view, plus I had appraised before.
[** No need to explain that there is a BIG difference between a 16K s/f and a 50K s/f open water view site in the Florida Keys]
Lender only cares about the mortgage--hires another appraiser that comes in at contract sales price.
Being a jumbo loan must likely the 2nd appraisal will be reviewed (and I hope so)
This very same article was in our Saturday newspaper real estate section. All his articles have little merit and are wriiten for sh&%#t out of his ***. It's obvious they are written for sensationalism and are recycled from days gone by, my neighbors know it also. The only thing the public enjoy's of his slop is the Jerry Springer aspect of kicking up dirt and stirring the pot. He is one lowsy scribe that won't return my respectfull e-mails to take him to task for his erroneous hyberbole.