During the height of the market, no value could be too high; no sale price unjustified by market evidence, whatever and whatever it might be. Appraisers were just “reflecting” the trends of supply and demand in residential markets. The inflated values of the previous decade were an outgrowth of housing markets inflated by cheap and delusional money, buyer and lender greed, and appraisers fueling an upward cycle. Despite protestations, appraisers were so eager to please their clients and collect a fee that they helped facilitate sales, wittingly or unwittingly, that would create the next upward bump in the market. A bunch of appraisers surely should end up in jail for their antics during the boom. [Read more…] about Low ball, high ball appraisals: Are we better off? At what cost to the integrity of appraisers?
Shepherd Associates LLC
Real Estate Appraisal and Consulting