According to Broderick Perkin's first article article Assuring Accurate Appraisals Part I:
"During the height of the housing boom, appraisers were pressured to up the value of homes. Now, during the housing downturn, appraisers are being pressured to lower the value of homes."
In the follow-up article, Assuring Accurate Appraisals, Part II: What's A Consumer To Do? , Perkins says:
"Appraisers are typically hired by the lender to protect its stake in a home buying transaction. That means the appraiser is beholden to his or her employee -- the lender -- not necessarily the buyer nor the seller.
However, both the seller and the buyer can play a role in the appraisal process through a process of due diligence known as looking over the lender's shoulder."
Click Here for the full Realty Times article by Broderick Perkins
Next Week: What's a consumer to do? How consumers can play a leading role in the appraisal process.
Recent Comments