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re: Disagreement with Appraisal
Posted on 2/8/13 at 8:26 am to Poodlebrain
Posted on 2/8/13 at 8:26 am to Poodlebrain
quote:
Apraisers no longer have to keep finance companies happy to get referral work. And they know they are unlikely to get sued for appraising a property too low, whereas overstating the value can leave them exposed to law suits. Thus, they choose to err on the side of caution.
You are 100% correct, AMC's are now obligated to report appraisers when and if there are issues. At the end of the day its an opinion of value, given by someone who doesn't want to get sued or know there are 3 or 4 more sets of eyes that are going to reveiw their work. Underwriters have also required addtional things which hinder the appraisers adjustments. It's really sad having to tell a person the appraisal they received today is an accurate picture of their homes value and the one issued back in 2009 was way off.
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