{"id":3786,"date":"2012-10-17T13:08:59","date_gmt":"2012-10-17T13:08:59","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=3786"},"modified":"2012-10-17T13:08:59","modified_gmt":"2012-10-17T13:08:59","slug":"housing-appraisals-remain-big-hurdle","status":"publish","type":"post","link":"http:\/\/www.anthonydidonato.net\/wordpress\/housing-appraisals-remain-big-hurdle\/","title":{"rendered":"Housing Appraisals Remain Big Hurdle."},"content":{"rendered":"

Housing Appraisals Remain Big Hurdle.<\/h2>\n
\"Housing<\/a>

Housing Appraisals Remain Big Hurdle.<\/p><\/div>\n

Housing Appraisals<\/strong>\u00a0have been blamed on derailing a lot of sales in recent years. In fact, more than one-third of REALTORS\u00ae recently reported that deals were canceled, delayed, or renegotiated to a lower price due to a low appraisal.<\/p>\n

The National Association of REALTORS\u00ae has spoken out against faulty Housing Appraisals, blaming it on holding back the housing recovery.<\/h3>\n

More real estate professionals are starting to include\u00a0Housing Appraisals<\/span> contingencies in their contracts. These contingencies specify how much a buyer would be willing to pay in cash in case the appraisal comes in lower than the agreed upon sales price.<\/p>\n

Appraisers have been criticized for using foreclosures as comparable homes in their valuations and for failing to take into account market conditions like the low inventory and bidding wars in many areas, according to NAR\u2019s report. NAR also has criticized many banks for increasing their requirements to six comparable sales instead of three, particularly at a time with low inventories.<\/p>\n

\u201cIt\u2019s holding sellers off the market,\u201d Jed Smith, NAR\u2019s managing director of quantitative research, told The New York Times. \u201cSales volume could probably be an additional 10 to 15 percent higher if we had normal lending practices and if we had normal appraisal practices.\u201d<\/p>\n

Appraisers say they\u2019re not making valuations lower but they\u2019re reflecting the current value of homes.<\/p>\n

\u201cAppraisers don\u2019t set the market, they reflect what\u2019s happening in the market,\u201d Ken Chitester, a spokesman for the\u00a0Housing Appraisals<\/em> Institute, told The New York Times. \u201cSo don\u2019t shoot the messenger. Blaming the appraiser for a bad housing market is like blaming the weatherman because you don\u2019t like the weather.\u201d<\/p>\n

Appraisers don\u2019t always make adjustments if they use bank-owned homes in comparables because not all REOs sell at a discount and not all are in bad condition, says Dan McKinnon, who operates an appraisal company in Phoenix. When neighborhoods are dominated by REOs, those homes need to be factored in to help determine the value of homes, he adds.<\/p>\n

\u201cIf that property is in similar condition to your subject, it is direct competition,\u201d McKinnon says.<\/p>\n

Source: \u201cScrutiny for Home Appraisers as the Market Struggles<\/a>,\u201d The New York Times (Oct. 12, 2012)<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Housing Appraisals Remain Big Hurdle. Housing Appraisals\u00a0have been blamed on derailing a lot of sales in recent years. In fact, more than one-third of REALTORS\u00ae recently reported that deals were canceled, delayed, or renegotiated to a lower price due to a low appraisal. The National Association of REALTORS\u00ae has spoken out against faulty Housing Appraisals, … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-3786","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nHousing Appraisals Remain Big Hurdle. - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"description\" content=\"Housing Appraisals Remain Big Hurdle. 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