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Isn't it strange how the appraisal always seems to come in just a little above where it needs to be in order for the financing to be approved?
by teuobk 10y ago
Isn't it strange how the appraisal always seems to come in just a little above where it needs to be in order for the financing to be approved?
- zrail 10y agoAn appraisal is telling you what the market will bear for a particular property. What better indication of the market value than the most recent price agreed to?
- intrasight 10y agoYou're missing the point. May appraisers are under the thumb of the mortgage brokers. See http://www.nakedcapitalism.com/2014/12/bill-black-mortgage-appraisal-fraud-baack-bank-execs-profit.html http://www.nakedcapitalism.com/2014/12/bill-black-mortgage-a... [I]n 2007the New York State attorney general sued First American: relying on internal company documents, the complaint alleged the corporation improperly let Washington Mutual’s loan production staff ‘’hand-pick appraisers who bring in appraisal values high enough to permit WaMu’s loans to close, and improperly permit WaMu to pressure …. appraisers to change appraisal values that are too low to permit loans to close” [FCIC 2011: 92].
- deleted 10y ago[deleted]