Appraisers have too much power and are often wrong

Editor,

I just have to complain about the appraisal process. Honestly, the one I encountered today used no objectivity in the value he came up with for my sellers. Worse than that is that both he and the bank say we have no avenues available to question their position. The bank says that they only take the lowest appraisal. If the appraiser revised his appraisal they would at least review it, but their underwriter would have the final say.

For goodness sake, isn’t it bad enough that we have had to deal with falling prices but we also have to battle the arrogance of a few who have decided that their opinion is the only opinion that gets to count? I had another lender tell me today that someone in his office actually listed their home with this appraiser’s wife because they were scared that if they didn’t, and he was chosen to do the appraisal, that it would come in low.

What a sad state of affairs that we can’t even have open-minded discussions. Real estate agents need to stand up for the rights of our buyers and sellers, even when we are knowingly placing our heads on the chopping block.
 
Bobbie Housand
Emerald Dunes Real Estate & Development
Niceville 

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