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Stricter Appraisals - Reactions

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Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
I think that one of the more shallow and misleading articles I have read in a while.

A - Houses never were
worth only as much as a buyer is willing to pay
, rather were priced according to how much a bank would lend which was more than they were "worth" in the long run.

B -
Absorption rates of six months or more suggest an oversupply, which results in declining values, Mr. Beerbower said.
that is a pretty shallow observation never mind it might be applicable in places.

C -
Every market has different dynamics, ...values can vary ...even street to street. Appraisers unfamiliar with an area miss those nuances. “They’re coming in very very low because they don’t know the market,” Mr. Hastings said.
Bull, even if true, they are coming in low because the market is tanking.

D -
What’s the lowest fee you can offer and what’s your fastest turnaround time?’ ”
ah...a little truth amidst the dross of piffle.
 

Riick

Elite Member
Joined
Aug 14, 2007
Professional Status
Certified Residential Appraiser
State
Delaware
And local appraisers and mortgage brokers complain that mega-banks may be compounding the uncertainties in the process by bringing in out-of-state appraisers, some of them relatively inexperienced, as a way of cutting costs.
Humbug; Nonsense!
We at Bank of Columbia are just trying to make SURE the appraisal is unbiased
by using out-of-area appraisers who are not beholden to anyone local;
as to inexperience, all of our appraisers are State Licensed or State Certifed !!
What could be better?
.
 
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