Appraisers: 'Low Appraisal' Criticism Unfair
(Posted By realtormag.realtor.org)
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
At GayRealEstate.com, we keep you updated with all the gay realtor, lesbian realtor, gay realty, gay real estate and general real estate news affecting the LGBT community coast to coast, and in your neighborhood.
If you have a real estate story that you’d like to share with us with the gay and lesbian real estate community, please contact us at: firstname.lastname@example.org
Posts by Popularity
- Bank of America settles Countrywide securities case
- Ally stops buying mortgages in Massachusetts
- Sellers Overvalue Their Home’s Worth, Study Finds
- Squatters Settle Into Multimillion-Dollar Homes
- HUD suspends affordable housing apartment firm
- Gay Real Estate Agent or Gay Realtor: Is there a differ
- The Debt Crisis Impact on LGBT Home Buyers
- Getting them in the door – Special incentives help ma
- Housing bust worst since Great Depression
- Foreclosures Are Selling Quicker, BofA Says
- Featured Tulsa Gay Realtor: Chuck, Keller Williams
- Housing will reaccelerate economic growth: Fannie Mae
- Featured Albany Gay Realtor: Reginald, Realty USA
- Mortgage Rates Inch Up for Second Week
- Featured Savannah Gay Realtor: Robin, Rawls Realty
- Fannie Mae: Homebuilding jobs far from normal
- Featured Atlanta Gay Realtor: Shannon, Keller Williams
- Vacancy rates drop alongside homeownership rates
- Featured Savannah Gay Realtor: David, Kelller Williams