A survey in January showed that 25% of real estate agents were “left scrambling” when the actual sale price of the home was less than the appraisal. 10% of agents say they lost deals and 15% say their sellers had to lower the asking price or put more equity into the home. A third of home builders are also blaming lost sales on low appraisals.
It sounds like a good idea to blame appraisers for the continuing downward spiral of the housing market; after all, it’s the appraisers’ reporting low home values holding the housing market down, right?
Not exactly. That’s what the big shots of the real estate market want people to believe so that appraisers are blamed and not them, but it’s just not true. Home prices have fallen all over the country and the number of foreclosures continues to rise. The massive inventory of cheap foreclosures for sale is also hurting the prices and sales of new homes.
If you have further questions or concerns, feel free to contact us through our website or by calling 205-879-2447. You may also obtain a copy of our free book on stopping wrongful foreclosures and the problems of hidden fees by emailing us. We have also started handling bankruptcy cases.
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