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(English) Common Sense Isn’t Common Practice

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8 comentarios
    • Jfrewen
      Jfrewen Dice:

      Tami it is not only the appraisers , but the Realtors, the Sellers, the Buyers and all the businesses that are being affected by the down real estate sales. When people buy houses it is like a dommino effect. Sellers move on and spend what they make and Buyers remodel, paint, buy new furniture, appliances, home deco etc, landscape, buy tools, art etc. It helps keep the economy moving. We need a boost to the Real Estate Market.

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  1. Susan Ani
    Susan Ani Dice:

    I couldn’t agree more. Just last night I was contacted by clients who purchased their condo with me two years ago. They want to refi. The appraisal came in at least $10,000 lower than I would have valued the property. So I review the appraisal report, and was aghast at the shortcomings of that report. Key features were simply overlooked by the appraiser as he comp’ed the subject property against nearby condos. Example: he deemed as equal in value a SHARED roof deck (meaning you have to climb stairs through an ugly roof area to get to a deck where you will find several of your condo neighbors also hanging out, maybe in various stages of sobriety or clothed status while you try to entertain your inlaws with a private party) with the TWO PRIVATE decks owned by my clients, one on each level of their duplex unit (including the deck off their master bedroom that is outfitted with beautiful outdoor furnishings and obvious extensive gardening efforts, a true urban retreat. That’s just ONE example of the failings of that report. I detailed all the issues that I could identify and passed that info back to the mortgage officer who is working with my clients. He promised to let me know how effective that information might be in challenging the appraisal they received.

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