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Stupid sellers. If only they had known that they could have gotten over $500,000 for something they sold for $330,000.
In all my years of appraising, I've seldom ever talked to a buyer who didn't buy their property for "way below market value". And yes, they are usually befuddled as to why their property didn't bring way over the contract price.
But what I find amazing, is that there are buyers and sellers that still believe that the appraisers should work for them, and not for the bank who ordered the appraisal.
I sold my house in Chiang Mai, Thailand in 2008. The appraisers were employees of the bank. I was thinking that it made a lot of sense, and we would have avoided some catastrophes here, if it were the same way.
Not necessarily. By law, appraisers are supposed to be disinterested 3rd parties.
But it would make more sense than coming up with the number the borrower needs.
If it's done by coincidence? Or maybe the buyer could actually be PAYING MARKET VALUE, since the market forces worked they way they are supposed to. To suggest that an appraiser would purposely come up with the same exact value just to make the deal work, is suggesting dishonesty. And most appraisers I know, and I know a LOT of appraisers, are honest.
I would guess that maybe 10-20% of the appraisals I do, come up with the same number, more or less, as the actual sales price. And probably 40-50% are within 5%. The OP stated that his case represented "illegal activity". When he didn't even know what was legal or illegal in the first place.
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