The attached is a link to an article by appraiser Frank Gregoire – http://tinyurl.com/lt6ycg - which is the most accurate explanation that I have seen. He has given the background along with suggestions in dealing with the issue of appraisals and mortgages. Instead of helping to move inventory, it has effectively slowed down the time from contract to closing by approximately an additional 30 days.
I don’t want an appraiser and/or firm from a distant area appraising the properties in my location - South Hillsborough County. What can they possibly know about the valuations in this area other than what they read on a profile sheet of the property and will they do the homework necessary to understand the HOA requirements which differ from subdivision to subdivision plus the intricacies of 55+ communities.
It just won’t happen – the appraisal will most likely harm both the buyer and the seller and the seller stands to lose a sale and the buyer will be unable to purchase the home of their choosing.
At this rate, the housing market will take even longer to recover and the real estate industry will lose even more licensees because they can’t earn a living.
