Appraisers have faced sharp criticism on low assessments in recent years, which have been blamed for delaying or even canceling real estate transactions.

Ken Wilson, the vice president of the Appraisal Institute, says that appraisers aren’t too blame. 

“In terms of the word ‘low appraisal,’ that's a very interesting phrase because what does ‘low appraisal’ mean?” Wilson told the San Diego Union-Tribune in an interview. “It basically just means that the appraised value came in less than a list price or a contract price, and it's not the goal or the intent of the appraiser to just tattoo a contract price. It's their intent to be an independent third party, to be objective and to present a document that is fully supportable to a client, which in the context that we're talking about now, is a residential lender.”

Wilson notes that “it’s not the appraiser’s intent, nor should it be, to set the market. It’s to interpret the market.” 

He also says that appraisers are licensed by a state and can face stiff penalties if they are ever found to knowingly give an inaccurate value, such as facing censure, fines, and having their license revoked.

The author of this article is: realtormag.realtor.org

 See the original post at: http://realtormag.realtor.org/daily-news/2012/08/14/appraisers-low-appraisal-criticism-unfair

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