Don't blame the real estate appraiser if the house you're trying to sell or buy isn't worth what you thought it was. Don't shoot the messenger said Appraisal Institute President Sara W. Stephens. Stephens went on to say buyers and sellers often have emotional value attached to a home or are unaware of the market. Stephens pointed out that appraisals completed for mortgage transactions are used to assist lenders in making lending decisions and are not intended to confirm a listing, contract or sales price. Theres no reason to assume the contract price is the correct price. Appraisers dont set the real estate market; they reflect whats happening in the market.
Today the law prohibits the loan officer from talking to appraisers or selecting the appraiser. However, experienced and competent appraisers know how to adjust properly when factoring in foreclosed and/or distressed properties against a subject property. Whether you are buying or selling, when you engage a REALTOR to assist you with your real estate transaction, a comparable market analysis should give you the proper guidance on where to price your home if you are listing; and, help you determine a fair offer price if you are the buying.
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Source: RisMedia
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