Editor's note: Bending the numbers on home valuations is often referred to as appraisal inflation, and appraisers say it's common for colleagues to do this in order to satisfy clients and stay in business. Appraisers nationwide say commission greed among their clients is feeding the corruption. In this three-part series, we examined the problem and what the industry is doing to try to stop it. (See Part 2: Real estate appraisal laws lack teeth, funds and Part 3: Two sides to appraisal technology debate.) Verne Hebert, owner-operator for Ashwood Real Estate Appraisal Service in Kalispell, Mont., recalls one home appraisal he conducted where the appraisal came up $400,000 short of the number that was needed to close the transaction. For days, the mortgage broker, both Realtors and the ...
Get Inman via Facebook Messenger
Our top headlines delivered once a day.