Those darn appraisers … it’s all their fault!

[AK]

OK, I know people who’ve had legitimate problems with appraisals, so the article isn’t entirely without merit. Still, I wonder if the NAR demanded action on inaccurate appraisals back when they promoted spiraling prices and widespread fraud …

———————————

Faulty home appraisals ‘snowballing’

by Jeff Clabaugh Washington Business Journal

Home sellers and real estate agents have a new worst enemy: inaccurate home value appraisals.

Even as prices begin to stabilize and buyers re-enter the market, the appraisals many banks rely on to approve financing are causing some deals to fall apart at the last minute, or forcing sellers to agree to lower prices.

National Association of Realtors chief economist Lawrence Yun said the appraisal problem is serious.

“Lenders are using appraisers who might not be familiar with a neighborhood, or who compare traditional homes with distressed and discounted sales,” he said. “In the past month, stories of appraisal problems have been snowballing from across the country with many contracts falling through at the last moment.” …

The NAR’s Yun said sees a danger of a delayed housing market recovery and a further rise in foreclosures “if appraisal problems are not quickly corrected.”

http://www.bizjournals.com/southflorida/stories/2009/06/22/daily27.html

[jpinpb]

Such BS. Exactly right. NAR had no problems when the appraisals were ridiculously high on the up-cycle.

This is the problem: Most people’s income cannot afford them what a house costs. Period. It worked during the up-cycle b/c of all the trick loans and the banks turning a blind eye to income.

Okay. Take what we’re talking about on another thread, 1104 Missouri. Say an appraisal comes back and says it’s worth 1.5 million, just for fun.

Don’t we need someone who has the money, income, credit or cash or financial wherewithal to buy it? Isn’t that what it boils down to?

I mean, the up-cycle hot-potato game was all fictitious. The only way we get back to those times again is to play that game over w/the NINAs and everything else that accompanied it, appraisers and whatnot.

[jpinpb]

Such BS. Exactly right. NAR had no problems when the appraisals were ridiculously high on the up-cycle.

This is the problem: Most people’s income cannot afford them what a house costs. Period. It worked during the up-cycle b/c of all the trick loans and the banks turning a blind eye to income.

Okay. Take what we’re talking about on another thread, 1104 Missouri. Say an appraisal comes back and says it’s worth 1.5 million, just for fun.

Don’t we need someone who has the money, income, credit or cash or financial wherewithal to buy it? Isn’t that what it boils down to?

I mean, the up-cycle hot-potato game was all fictitious. The only way we get back to those times again is to play that game over w/the NINAs and everything else that accompanied it, appraisers and whatnot.

[jpinpb]

Such BS. Exactly right. NAR had no problems when the appraisals were ridiculously high on the up-cycle.

This is the problem: Most people’s income cannot afford them what a house costs. Period. It worked during the up-cycle b/c of all the trick loans and the banks turning a blind eye to income.

Okay. Take what we’re talking about on another thread, 1104 Missouri. Say an appraisal comes back and says it’s worth 1.5 million, just for fun.

Don’t we need someone who has the money, income, credit or cash or financial wherewithal to buy it? Isn’t that what it boils down to?

I mean, the up-cycle hot-potato game was all fictitious. The only way we get back to those times again is to play that game over w/the NINAs and everything else that accompanied it, appraisers and whatnot.

[jpinpb]

Such BS. Exactly right. NAR had no problems when the appraisals were ridiculously high on the up-cycle.

This is the problem: Most people’s income cannot afford them what a house costs. Period. It worked during the up-cycle b/c of all the trick loans and the banks turning a blind eye to income.

Okay. Take what we’re talking about on another thread, 1104 Missouri. Say an appraisal comes back and says it’s worth 1.5 million, just for fun.

Don’t we need someone who has the money, income, credit or cash or financial wherewithal to buy it? Isn’t that what it boils down to?

I mean, the up-cycle hot-potato game was all fictitious. The only way we get back to those times again is to play that game over w/the NINAs and everything else that accompanied it, appraisers and whatnot.

[jpinpb]

Such BS. Exactly right. NAR had no problems when the appraisals were ridiculously high on the up-cycle.

This is the problem: Most people’s income cannot afford them what a house costs. Period. It worked during the up-cycle b/c of all the trick loans and the banks turning a blind eye to income.

Okay. Take what we’re talking about on another thread, 1104 Missouri. Say an appraisal comes back and says it’s worth 1.5 million, just for fun.

Don’t we need someone who has the money, income, credit or cash or financial wherewithal to buy it? Isn’t that what it boils down to?

I mean, the up-cycle hot-potato game was all fictitious. The only way we get back to those times again is to play that game over w/the NINAs and everything else that accompanied it, appraisers and whatnot.

[PadreBrian]

South Florida. :rollingeyes:

The appraisers are just doing their job.

[PadreBrian]

South Florida. :rollingeyes:

The appraisers are just doing their job.

[PadreBrian]

South Florida. :rollingeyes:

The appraisers are just doing their job.

[PadreBrian]

South Florida. :rollingeyes:

The appraisers are just doing their job.

[PadreBrian]

South Florida. :rollingeyes:

The appraisers are just doing their job.

[aldante]

[quote=PadreBrian]South Florida. :rollingeyes:

The appraisers are just doing their job. [/quote]

Now they are? Ok if you say so. I wonder what they were doing during the run up from 2001-2007?

[aldante]

[quote=PadreBrian]South Florida. :rollingeyes:

The appraisers are just doing their job. [/quote]

Now they are? Ok if you say so. I wonder what they were doing during the run up from 2001-2007?

[aldante]

[quote=PadreBrian]South Florida. :rollingeyes:

The appraisers are just doing their job. [/quote]

Now they are? Ok if you say so. I wonder what they were doing during the run up from 2001-2007?

[aldante]

[quote=PadreBrian]South Florida. :rollingeyes:

The appraisers are just doing their job. [/quote]

Now they are? Ok if you say so. I wonder what they were doing during the run up from 2001-2007?

[Author]

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