From the Today Show this morning.
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Once again- not an appraiser being asked questions. She keeps confusing Assessment (which is a term for tax purposes) with Appraisal. Also, when are these AMC’s going to get the exit door?
When is the NAR going to come out strong against the HVCC and the codification of the HVCC in Dodd/Frank? Imagine a private agreement between the NY Attorney General and fannie mae and freddie mac that immediately put every sigle realtor out of business as they knew it in all 50 states immediately after May 1, 2009. No the NAR does not represent appraisers, but all vendors in the real estate industry are connected and important. Home prices are suppressed because of the current atrocious appraisals being completed and the mass pocekting of wasted appraisals fees by the bank owned appraisal management companies. The NAR didn’t take this seriously and now we are where we are. Home prices are being artificially suppressed with this process and thousands of refinances and purchases are being quashed every month and hundreds of thousands of dollars of borrower’s funds are being wasted on appraisals that had no chance in the first place. What a dissaster. Realtors can not prosper without efficient and compentant appraisers. No I am not an appraiser. I am a real attorney just sharing my oberservation of the effects of the HVCC.
Our home was appraised and the appraise took the middle comp to appraise our home. The 3 values for comps were $545,000, $570,000 and $678,000. We just bought our house 3 years ago for $607,000.
What is the “best practice” in choosing the appraisal value? Should they choose the middle value or the average of the 3?
The appraiser chose the middle value, $570,000 which is much lower than the actual value of our home. We feel this is wrong.
If your best practices state that the appraisal value is the average than our appraisal was “not” done in accordance with best practices. If this is the case, what can we do about changing the appraisal? We still have time before we go to closing for the refinance.
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