Andrew Cuomo, in his quest to become Senator has settled for KING by putting the HVCC system in place.  He didn't care about consumers.  He didn't care about small business.  He didn't care about punishing the criminals.  All he wanted was publicity and he continues to get that - and perhaps the expectation of contributions to his future election from those that are making the big bucks from this system?  The American Way!

Here are another two examples of problems this "independent appraisal system" has created.

1) Appraisal in January 2009 = $600,000.  Same property appraised six months later for $470,000.  When the first appraisal was completed, the lender wented to the MLS, found a lower value sale and asked the appraiser why the sale was excluded in determining value.  The appraiser showed evidence that the lower sale was >75 years old and basically had not been updated.  The subject had been updated to the tune of $250,000 with plumbing, electrical, kitchen and bathes being brought up to code and today's life style.  The lender was satified and accepted the $600,000 appriasal.  When the new appraisal was prepared that same low value sale was used as a comparable contributing to a 22% value reduction in one of the most stable areas in  the Northwest side of Chicago.  No adjustment was made and there is no effective way to challenge the $410 appraisal.  Too bad - so sad! 

2) Appraisal was ordered and completed in a timely basis.  Estate sale, priced to move quickly, as is.  This time the appraiser came in at the purchase price even though the buyer is confident that they got a steal.  Isn't amazing how the appraiser came in at the price he needed for a buy-sell?  Now the problem.  The appraiser put down an incomplete address.  This was noticed on July 14 and now 7 days later, the lender is still trying to get the appraiser to correct the appraisal.  No change in value, no change in adjustments, just get the address right.  Count down to closing - 4 days.  Wish me luck.

You can bet that the appraisers that I used in the past would have done the research to provide a more accurate value in #1 - probable a value drop of < 10% and would have made the address change within the hour.

Hope you are having a better day than I am.  And I hope Andrew Cuomo is not Italian.