Comments on: Selling Your Home: Low Appraisal Options

By: Jack Schlenk

Jack Schlenk — Fri, 11 May 2012 20:30:02 +0000

In the city of Chicago, 05/2011 -05/2012. Single family detached properties,there were 8,081 sales, this was 21% of the market listings. In the same time peiord there were 32,308 expired listings this was 79% of the market listings. Based on this data the BPO and CMA report(s) market values would be incorrect for 79% of the market listings. Review Jack Schlenk blog
“Price it Right”, and other articles.

By: Mike from Carmel

Mike from Carmel — Wed, 11 Apr 2012 20:49:48 +0000

A Broker’s Price Opinion (BPO) is never a bad idea. I am a real estate broker in central Indiana (my site: http://www.mswoods.com/Carmel-homes-for-sale-city.htm ). I tell my agents to always offer a CMA.

By: Anonymous

Anonymous — Tue, 10 Apr 2012 14:29:41 +0000

The Right answer to this, if the contract had a mortgage contingancy clause, to request the denail letter from the bank, the letter should state the reason, this way you can prove if that is the reason, i hardly believe that you have the right to rebut the final value, if the buyer walked away he prob had another underlying reason other than the value

By: EFX Finance Blog Editor, JF

EFX Finance Blog Editor, JF — Tue, 27 Mar 2012 18:50:56 +0000

@Patty – Great question. Appraisals are ordered by lenders to help them assess the value of the property. Appraisals are paid for by buyers. A buyer does not have to disclose an appraisal’s findings with the seller unless the sales contract included an addendum giving him that right, which is unusual. Sellers can conduct their own appraisal and use its findings to determine a price, but neither the buyer or his lender is obligated to negotiate.

–Steve Cook

By: Patty booth

Patty booth — Sat, 24 Mar 2012 14:25:22 +0000

My buyer was able to terminate his contract because of a low appraisal and I even offered to come down in price…now I have asked to see the appraisal and they will not disclose it to me…do I have a right to see this appraisal and fight it?

By: Neil Goldberg

Neil Goldberg — Mon, 09 Jan 2012 11:04:01 +0000

Great article. You should also look at Collateralmanagement.org for appraisal info.

By: Jack Schlenk

Jack Schlenk — Sat, 31 Dec 2011 09:25:56 +0000

Great information.USPAP(the appraiser’s bible)”Standard 3 Appraisal Review”

Appraisal Review: The act or process of developing and comminication and opinion about the quality of another’s work that was preformed as part of an appraisal.

Comment; The subject of an appraisal review assignment my be all or part of a report.

Please review Jack Schlenk’s blog article “Forensic Appraisal Review”