Wednesday, September 21, 2011

Low appraisals hurting deals

A number of buyers and sellers are being hurt by low appraisals, as more agents feel vulnerable to appraisers. "We really feel we're at the mercy of appraisers," said Randy Lane, a homeowner in Broward County who said a deal to sell his home collapsed when two appraisals fell short of the agreed-upon price. In 2009, a law was enacted obligating appraisers to work independently, without influence from third parties like brokers or lenders. "This requirement is costing everybody, including the consumer, because we're not getting quality appraisals," said Tim Singer of Coldwell Banker in Fort Lauderdale. Ken Chitester, a spokesperson for the Appraisal Institute, cautioned against pointing fingers at his industry, however. "Don't shoot the messenger," he said. [Sun Sentinel]

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