$19,000 Appraisal!
New rules for appraisers: Do not have contact with any person involved in the transaction: This new rule costs the seller $19,000. Somewhere there needs to be a happy medium. How does one handle a half million dollar plus deal and not have access to someone critical to the transaction? This would be like a surgeon performing surgery without anyone else in the room except the patient. This would never happen. Well this is what the new rules for appraisers have created they operate all by themselves and whatever happens, happens.
What happened this time, the price the buyer agrees to pay was too much according to the appraiser. Perhaps, good news for the buyer but what about the seller? What if this seller had no equity and could not reduce the price. The buyer certainly was not going to step up and pay the difference. What about all the neighbors that lost value on their home? What about the effect this will have on the next seller when they need a recent sale to validate their homes value? The damage and the ripple effect is far reaching.
How frustrating this has all become. Agents with 24 years experience are told by an appraiser with 1 year of experience that they know nothing and that his word and 10 pages of paperwork are the final word regardless of the mistakes contained in the appraisal. There is something seriously wrong with this process and the only person suffering is the consumer the person that was suppose to be protected with all of these new changes.
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