appraisals: Revenge of the Appraisers - 08/31/09 03:11 PM
I'm not an appraiser and I don't play on on TV but I feel fairly confident of my ability to value property pretty fairly.  Granted, sometimes the Seller wants a little more and over prices the listing.  If they don't I usually feel we'll make it past any appraisal.
It seems, though, that appraisers are really reveling in their new found independence.  I also hear that a lot of appraisers are getting the short shrift, money wise, from all these third party clearing houses that lenders have to go through to order an appraisal.  So, I can see where appraisers may … (13 comments)

appraisals: "But...My House is Special....." - 02/16/09 11:23 PM
I guess I really shouldn't be surprised.
I must've been involved - either as a listing agent or buyer's agent - with about 300 houses over my short real estate career and that doesn't count the ones that I visited with my buyer clients while they looked for the "perfect house". Or the ones that fell through.  Or the listings that ended up not selling for any number of reasons. It doesn't count the houses I've previewed to get an idea of the neighborhood and what a buyer client might be looking for or a seller client might be up against … (15 comments)

appraisals: Appraisals and Inspections - 01/22/09 12:02 PM
Many of my clients get a little confused between the meaning and importance of an appraisal and an inspection.
The inspection usually comes first.  In my experience, sometime within 7 - 10 days of the fully executed contract of sale.  The Buyer pays for the inspection so they get to choose who the inspector will be.  Sure, it would be nice if the Realtor got to choose or if the Seller got to choose but the plain fact is if the Buyer has a brother-in-law that will give the house a once over, that's the way it is.
The inspection is … (9 comments)

appraisals: Did the Value Really Go Down That Much? - 05/28/08 08:29 AM
I've been around a few years - longer than some, not as long as a lot of others - and I usually do good CMAs with a fairly good take on the value of the home I want to list. I research the neighborhoods and compare amenities and square footage.  Sometimes, I'll even offer to have a real live appraiser come out on my dime it the Seller insists that their price is the correct price.
Yet, sometimes, I guess I'm a little off.  I've been working with a great client.  You know the type.  Friendly, Personable.  House that looks like … (7 comments)

appraisals: Pay Back Time for Appraisers - 11/02/07 07:37 AM
This article in today's Washington Post talks about the current Attorney General for the State of New York going after a subsidiary of First American Corp. for inflating home values through puffed up appraisals under pressure from Washington Mutual - one of the largest mortgage lenders in the country.
The issue here is that, under the threat from lenders to take their business elsewhere, appraisers would turn in appraisals they knew were inflated and unjustified. This,in turn, fueled the rapid rise in housing prices from 2000 to 2005 and the tidal wave of sub-prime mortgages that are causing so many problems … (7 comments)