Welcome to the party Appraisers!
I started my day like I always do, turned on the coffee maker and walked out to the driveway to retrieve my morning paper, grabbed my coffee and opened up the paper. I could feel my body slump over as I read the headline 'Did Appraisers Juice The Market?' and I got a bonus at the bottom of the front page 'Lot sales on polluted Lake Apopka skirted common-sense department' more on that article in my next post. Real Estate bashing has become a full contact sport.
We've blamed the REALTORS®, so now it's time to go after the Appraisers and we'll throw in the builders and yes... the mortgage brokers, again... sorry guys. From appraisers over estimating the square footage of properties to raise the values to mortgage brokers soliciting for the "best value" appraisal with the job going to the winning bidder, this article reports that all the "professional" players in the transaction wanted the appraisals to come in higher for their own benefit. I have to disagree... They forgot to say that the buyers and sellers wanted the appraisals to come in too. The buyers wanted the homes and wanted the appraisals to get the mortgages and the sellers wanted to make top dollar at closing... That's the truth.
I watched as a seller, who decided on a price $10,000 higher than my estimate of value receive multiple offers from buyers who WAIVED the appraisal and paid more than the appraised value because they had to have the home. Only to see the same buyer become a seller a year and a half later and lose over $20,000. Please don't blame me, the appraiser or the morgage broker for that... and there was plenty of it going on.
Do we have to blame someone?
When will we homeowners take responsibility for contributing to the "frenzy"?
Why does the media only want to report NEGATIVE news stories?
Considering a Move to Central Florida?
Do you want to Buy or Sell a home?
Contact Debbie Summers, REALTOR®, ALHS, e-PRO, RE/MAX Central Realty
Please contact Cas and Debbie for all of your real estate needs in Seminole County, Lake Mary, Sanford, Longwood, Altamonte Springs, Casselberry, Winter Springs, Oviedo, Winter Park, Maitland, Apopka and Orlando.
407-758-1020 or Debbie@CasAndDebbie.com
Vickie- Lake Apopka is on the road to recovery the years of abuse by growers in the area is actually being reversed.