appraisals: Non-Local Appraisers Killing Deals - 01/30/10 03:02 PM

I hate the new appraisal system and non-local appraisers. (see video below)
Let me explain. The government came up with a brilliant idea to curb another housing meltdown!
Assuming (you know what they say: It makes an "Ass out of you and Ming") most lenders and appraisers were fraudulent, they decided to put a great wall of china in between the lender and appraiser. So instead of having a "reliable" and experienced local appraiser, they instead farmed out the process (and sometimes to a company they own) to a company that would then find an "independent" appraiser. 1 problem is, … (112 comments)

appraisals: Inflated Appraisals: 1st Major Suit - 11/03/07 05:34 AM
When two of my blog readers send me WSJ articles on the same day, you know something big is up.
Appraisals 101: An appraisal is a report that is supposed to be a 3rd party impartial review of a property (usually under contract) to make sure the price is in line with recent closed sales (not counting houses still "for sale"). This protects the bank from buyers buying overpriced houses, which are at higher risk for default.
I first wrote on this topic of inflated appraisals: Builder Tricks Part 3! Independent Appraisals & Fiduciary Duty. I showed why builders try to require … (10 comments)

 
FRANK LL0SA Esq.- Northern Virginia Broker .:. FranklyRealty.com (Northern Virginia Homes - FRANKLY REAL ESTATE Inc)

FRANK LL0SA Esq.- Northern Virginia Broker .:. FranklyRealty.com

Arlington, VA

More about me…

Northern Virginia Homes - FRANKLY REAL ESTATE Inc

Office: (703) 827-4006



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