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The market or housing market was over valued by around 30%.
It's now is being adjusted back to realty.
Most folks will not just except this so the appraiser has to there reasons for it, like a bigger deduction because of a busy street etc etc to try to show the seller or buyer the reasons to devalue it by x%.
"First of all, it is perfectly normal to have a variance of about up to 5% between appraisals.
The other answer is: not all appraisers are experienced/educated equally. "
You could have a 5% difference even if they all had the same training and background.
And remember it's not a perfect market. Emotional decisions usually outweigh practical decisions in homebuying. I've seen it so many times when a home is listed way over market, but the wife (and sometimes husband) falls in love with a house because of the way it is decorated, laid out, has a particular feature they love, etc.. Then when they put in a contract for 10-20% over market value, they moan and groan when the appraisal doesn't meet the sales price.
Listen to the house, not your "desires" (emotions) for it... especially not your real estate agents who will make money after you actually close on it.
If appraisals weren't so subjective we might have avoided as big a crash as we had. Just food for thought.
Your post is contradictory and makes no sense.
No, he isn't the only one. If all borrowers, lenders and appraisers had been honest we may have avoided at least part of the problem. And that includes any alleged "subjectivity" on behalf of appraisers.
No, he isn't the only one. If all borrowers, lenders and appraisers had been honest we may have avoided at least part of the problem. And that includes any alleged "subjectivity" on behalf of appraisers.
Some food for thought.
Appraisals definitely are subjective whether they are done by appraisers or county officials looking for higher revenue.
When values were skyrocketing everyone was making out like a bandit.
Now the pendulum has swung the other way.
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