I had a local Realtor interview me today on video about the real estate market in Sacramento, HVCC, tax appeals, and a ton of other stuff. His video will go live next week, and I’m excited for that. That’s not really the point of this post though. I mention this because on my drive home from my video conversation, I found myself thinking about market value, low appraisals and an essay written by Patrick Egger (HERE – pdf). Here is an off-the-cuff unscripted podcast (as you’ll notice I mix up 282 and 283):
Has a low appraisal destroyed one of your deals this year? We’ve been hearing so much about how real estate appraisers are “killing escrows” ever since the Home Valuation Code of Conduct came into effect last year. I’ve read and listened to countless horror stories from brokers, real estate agents, loan officers, and publications.
I’m not saying there aren’t legitimate complaints to be had about HVCC or certain appraisals. I simply want to provide a helpful resource to maybe clear things up a bit about what type of value appraisers are looking for in the market. My hope is that this article (linked below) will shed light on the appraisal process and give insight into the appraiser’s mind. It’s a good thing when appraisers and local agents can understand each other’s roles and mutually benefit one another.
This article was published with permission and comes from Patrick Egger, a Certified General appraiser in Nevada with 35 years of experience in valuation, consulting and real estate studies. Comments are welcome below.