Homebuyers and sellers now have grounds for challenging property appraisal values, thanks to new guidelines adopted by federal regulators.
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This is GREAT news. I never understood why the system allowed one random person – often from out of the area and simply not knowing the local market – to blow up a sale and make everyone involved suffer. And the worst part is always that they stay behind the scene, unreachable, and uncaring (because they always get paid up front whether they do a good job or bad job), while us agents are left dealing with angry parties on both sides. the next thing they need to do is not allow the appraiser to charge for a return visit; if they get to choose what needs to be fixed and then earn more to come back to see it – it should at the least allow for a photo or invoice to show the correction without charging the buyer more money.
“Appraisers shouldn’t be influenced by factors like race, ethnicity or national origin of the homeowner or a home’s neighborhood, however, research shows it happens more than we think.” Agree with this except for “neighborhood”. Of course the value is dependent on the neighborhood. Anybody remember “Location, Location, Location”? Thank is never going to change, and it shouldn’t. Appraisers are supposed to be objective and also produce a “real value”. Is our government now trying to cause an appraiser to overvalue properties on purpose? If so, why have appraisals at all?