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Appraisal laws meant to protect the public sometimes hurt them!
When legislators regulate a business they clearly know nothing about the results are rarely if ever good!
I have a transaction closing this afternoon that has been an absolute nightmare. Why? Because under the new regulations regarding appraisals the appreisers seemingly have no accountability. Those of you reading this who are good professional appraisers know that what's happening is hurting you too!
The subject property is a townhouse that has been totally renovated. New kitchen cabinets, appliances, flooring, carpet, new bathrooms, a total renovation. There were recent sold townhouses a few blocks away. Similar in age but a little larger. A pretty easy adjustment. Did the appraiser use those??? No, he went a few miles away across a major highway to a different town, totally different market. As a matter of fact, one of the comps he used was a duplex with no HOA and two levels rather than three like the subject property.
About the description of the property. He stated the kitchen renovation was 6-10 years old. Really? There was still styrofoam and tape from packing in the refrigerator. The shiny new stove had clearly never had any food on it. ... more
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