Re: This appraisal thing has me furious!!! - Posted by Randy
Posted by Randy on October 24, 1998 at 10:58:15:
If the appraiser that you used was licensed or certified then they are required to abide by the rules of USPAP. If these rules are not upheld, then the appraiser is subject to stiff fines, revocation of licensure, or even jail time. These standards require that an appraiser NOT prepare an appraisal report based on a preconceived value, minimum valuation, the occurrence of a subsequent event in order to recieve compensation, or the need to approve a specific mortgage loan. Your appraiser was hired to prepare a report and to give an expert opinion.
I am the first one to say that improperly prepared appraisals should be reviewed through proper channels. An appraiser should not “come in” too high or too low. The appraiser should, and is required, to review and study the market to come up with an accurate reflection of the current market trends and values. Who knows? Your appraiser may be wrong, in which case the report should be reviewed.
The ONLY way to actually PROVE that a property is worth $XX, is to put it up for sale at an arms length transaction. When it sells, you have concrete proof in the form of $XX. Kind of a “See, I told you so” thing.
I would flip the property for whatever price you can get and just eat the $300. Call it the cost of business. With the numbers you have given us, $300 isn’t going to break your deal. I would spend $300 to earn thousands of $ and to learn a lesson any day. It seems that you have already found an appraiser that thinks like you anyway.
Just my .02