Released: November 19, 2011

Flawed real estate appraisals create problems for buyers, sellers, refinancers

Source: Kenneth R. Harney, Washington Post

How do you fight back when an appraiser — often from another city and working for a small fee on behalf of a big bank — wrecks your sale, purchase or refinancing with a low-ball valuation? It’s a serious problem in markets across the country.... Disagreements over real estate values are nothing new, but agents, builders and sellers say current market conditions, plus recent changes in federal rules that effectively encourage banks to use in-house or affiliated appraisal management companies, are magnifying the problem.

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