August 12th, 2011 
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Real Estate News: Appraisals Weigh Down Housing Sales
Wall Street Journal (blog) Private Properties: Vera Wang Buys in Beverly Hills: Vera Wang has bought a mid-century modern home in Beverly Hills, Calif., and the former Hearst Estate, also in Beverly Hills, is renting for more than $600000 a month. … |
View full post on california real estate – Google News
Posted in Uncategorized 
Tags: Appraisals, blog, down', Estate, Housing, Journal, News, Real, Sales, Street, Wall, Weigh
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Appraisers Do not determine value, they do not weigh down the housing market and they do not Kill Deals! The MARKET determines value. We analyze the market and report it to the lenders. Our mission is to protect lenders from undue lending risks. We have no vested interest in bringing down the Housing Market. We don’t have that kind of power. Lenders created undue pressure on appraisers to get the loans closed, those that did not comply lost business.
Underwriters had no issues with appraisals back in the day when loans were closing left and right and now many lenders are suing Appraisers for those same appraisals that they put their stamp of approval on. It is no wonder some appraisers may be a little bit on the conservative side. But the reality is that appraiser’s must report the market in an accurate way to the lenders or they could lose their license. No doubt there are appraisers out there who are not familiar with the areas in which they are appraising and they should NOT accept those assignments. Lenders need to chose appraisers that are geographically competent. When dealing with special properties such as Lake, Waterfront or Golf Course homes, etc. they need to make sure the appraiser has this expertise.
Thank you for letting me vent on this article which is misleading to the public about the housing industry and more importantly the role the appraiser has in this process.