An ongoing story. Think of the details and implications though. So much for client confidentiality because on the GSE level, investigators apparently have instant access to the appraisal repositories.
You don't understand Denver and what these places are like. There is a block by block differential where one side is standard regular homes, the others are custom homes with tremendous hundreds of thousands of value dollars difference. And sometimes they're intermingled so after time you learn about these patterns, that if you land one of the orders for a regular amid the customs, they tend to comp out more on this area then that, and vice versa. Not to mention the consistent 2/3rds ratio of land value being higher than home value, unless you're into the customs but even then it's often half and half.
There is no white area or black area in these communities like one might presume, just pockets of yuppies and urban folk congregating in micro pockets not but blocks away from each other.
Mykhailyna appraised the property to be over $200,000 lower than an appraisal on the same property that had been completed less than a year before, a more than 25% decrease at a time of rising home values in the Denver.
That's probably because the appraiser prior had over valued the property that much is the more likely situation. Probably chasing down a realtors figures based on flawed Denver based MLS Corelogic Realist avm estimates which are known for presenting six digit possible price ranges.
Don't worry, the lender and AMC will crawl out of this mess by dumping the entire thing on the appraiser and leave the appraiser with the full burden of all investigative and representative costs.
