Appraisal Institute Responds To Yun’s Irresponsible Appraiser Bashing
by http://realestateappraisertips.info/ on July 5, 2009
http://www.realestateappraisertips.info/ – Appraisal Institute Responds To NAR’s Chief Economist, Lawrence Yun’s Irresponsible Appraiser Bashing Comments From Last Week
There’s a new post on AG Mag’s www.agentgenius.com entitled, “Appraisal Institute to Yun – Not the Fault of the Appraisal but a Fault of the Market Today”. This is a very good response from AI’s President, Bill Garber, who said:
“We take offense with the notion that the appraisal is only good if it happens to come in at the sales price. That mentality helped cause the mortgage meltdown to begin with. The fact that the appraisal does not match the sales price is not the fault of the appraisal but a fault of the market today.”
“In a typical real estate transaction [such as a buyer seeking a loan], our clients are the lenders. Appraisers provide lenders with information that protects them from making questionable loans and investments and helps them minimize risk. However, that should not suggest a bias toward lower valuation. Appraisers reflect the market, and sometimes, the markets don’t act like we want them to or hope they will. …competent and professional appraisers understand this and develop credible estimates of value that ultimately ensure that lenders loan the proper amount, buyers don’t pay too much and sellers get a fair price.”
Here’s the link to the article for your reading: http://agentgenius.com/g-rants-insanity-more/real-estate/appraisal-institute-to-yun-not-the-fault-of-the-appraisal-but-a-fault-of-the-market-today/
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Appraisal Institute Responds To Yun’s Irresponsible Appraiser Bashing
by http://realestateappraisertips.info/ on July 5, 2009
http://www.realestateappraisertips.info/ – Appraisal Institute Responds To NAR’s Chief Economist, Lawrence Yun’s Irresponsible Appraiser Bashing Comments From Last Week
There’s a new post on AG Mag’s www.agentgenius.com entitled, “Appraisal Institute to Yun – Not the Fault of the Appraisal but a Fault of the Market Today”. This is a very good response from AI’s President, Bill Garber, who said:
“We take offense with the notion that the appraisal is only good if it happens to come in at the sales price. That mentality helped cause the mortgage meltdown to begin with. The fact that the appraisal does not match the sales price is not the fault of the appraisal but a fault of the market today.”
“In a typical real estate transaction [such as a buyer seeking a loan], our clients are the lenders. Appraisers provide lenders with information that protects them from making questionable loans and investments and helps them minimize risk. However, that should not suggest a bias toward lower valuation. Appraisers reflect the market, and sometimes, the markets don’t act like we want them to or hope they will. …competent and professional appraisers understand this and develop credible estimates of value that ultimately ensure that lenders loan the proper amount, buyers don’t pay too much and sellers get a fair price.”
Here’s the link to the article for your reading: http://agentgenius.com/g-rants-insanity-more/real-estate/appraisal-institute-to-yun-not-the-fault-of-the-appraisal-but-a-fault-of-the-market-today/
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