Real estate professionals and mortgage loan officers say that appraisers seem to be reluctant to report price appreciation occurring in numerous spots across the nation, and it’s complicating sales transactions, The Real Deal reports.
Thirty-three percent of real estate professionals say they are continuing to face appraisal problems, according to a survey conducted by the National Association of REALTORS® in May.
Appraisers may be being overly cautious, not wanting to be accused of potentially overvaluing properties, says Frank Gregoire, an appraiser based in St. Petersburg, Fla., and also a former chair of the Florida Real Estate Appraisal Board. Gregoire told The Real Deal that appraisers fear they may expose lenders to future lawsuits or high-cost “buy-back” demands by Fannie Mae and Freddie Mac.
To read the full article, click here: Realtor Mag