I recently reviewed an appraisal (we don’t require them, but the borrower had gotten one prior) and out of curiosity I looked at the appraiser’s resume that was attached to the appraisal. Their most recent experience was a manager at Dominos pizza (currently employed there) and they got their appraisal license online.
I have nothing against Domino’s pizza, but I am less than convinced that delivering pizzas provides real estate expertise. Does this background provide the necessary experience to accurately assess a property’s value? This leads me to a recent Wall Street Journal article: Are dodgy appraisals making a comeback?
According to the Wall Street Journal, “An estimated one in seven appraisals conducted from 2011 through early 2014 inflated home values by 20 percent or more”
With the statistic above in mind, and personally valuing thousands of residential properties for our loan portfolio, I put together four quick tips to accurately value a residential property without an appraisal. Read More
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