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December 11, 2011

Study Finds Appraisal Concerns Dampening U.S. Housing Recovery

by billthemortgageguy

“STOP HVCC!!  I used to be able to “call” and “ask”my appraiser if he could get the value allowing me to save my clients $350.00 if it wouldn’t come in.. Even when times were good every appraiser had much different opinions and values. For example, “IN THE GOOD MARKET”  I had an appraisal that was $100,000.00 difference from another..  The guy I used at first didn’t know the area and used a bad comp forcing the value to be way off.. Now, you have to order the appraisal from a third-party and you don’t know who is going out to the property.  Not to mention, not being able to tell them the value you need in order to make the deal work.. The Loan Officer has no relationship with the appraiser and a complete guessing game for them when they get the order..  This would be like a realtor sending you to a random bank for financing and you having no control or say in what they provide you…  The lack of communication is a BAD IDEA!!! ”

“These appraisal practices are a major contributing factor to the current acquisition, development and construction (AD&C) lending crisis that has choked off credit for home builders and threatens to prolong the current housing downturn.”

via Study Finds Appraisal Concerns Dampening U.S. Housing Recovery | Mortgage News | Daily National and State Headlines.

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