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Tag Archives: appraising
As we are all well aware, residential real estate prices have been in a general decline for several years. By now most appraisers have become accustomed to appraising in a declining market. But what constitutes a declining market? How does an appraiser define it? And what is required to arrive at the best possible value faced with this type of market? These questions and many others have been addressed in… Continue reading
I’ve been closely associated with the real estate appraisal industry for more than 20 years. I’m not an appraiser but I’ve been connected to and know many appraisers as co-workers, associates, clients, and/or friends. I’ve watched this relatively small, close-knit community survive major changes in the market and industry, and still maintain thriving businesses. Appraisers seem to have limitless hope; they are dedicated to the profession and seem to truly… Continue reading
Although appraisers and underwriters have different roles in mortgage lending, their responsibilities are interrelated. Common goals focus on making certain that appraisal reports are well documented and the valuations are supported. Reviewers, quality control personnel, real estate brokers and agents also share these goals.
This past summer I took a continuing education seminar through the Appraisal Institute entitled, “Whatever Happened to Quality Assurance in Residential Appraisals: Avoiding Risky Appraisals and… Continue reading
Questions from a home seller who is in the industry
As a recent seller of a three-bedroom condominium, my experience with the appraisal on the property was disappointing. The appraised value seemed to needlessly reinforce a new low for the market and there were a number of inaccuracies in the appraisal report.
In this property, the sellers and buyers had negotiated a sales price of $122,000. The appraisal… Continue reading