Bad appraisals
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They are keeping the housing recovery down.According to  survey by the National Assoc of Realtors, more than 1/3 of realtors have experienced the cancellation of contracts from low appraisals. This is true despite multiple cases of overbids.

Often the appraiser does not know the area and sometimes  never even visits the house.

Overly strict lending requirements and inadequate appraisals are keeping qualified buyers from buying or refinancing. Even Ben Bernanke agrees.The average fico score with someone putting down 20% is an amazing 764.

 

 

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Comments

Bad appraisals — 2 Comments

  1. we have an incredible shortage in terms of supply and way more demand and multiple overbids (present) but prices can’t rise because automated systems that only track comparable sales (past history) and appraisers that can hide behind HVCC aren’t willing to use their brains.

    I wish I had a job where the customers weren’t allowed to talk to me and complain or fire me when I did a lazy half ass job, that’d be nice to get paid for subpar work all day long…not Hello Government, ur constituents demand more!…

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