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I have 30+ years of experience in the real estate industry, as agent, broker/owner, instructor, appraiser, consultant. I still maintain active licenses to list, sell and appraise, but I spend most of my time teaching, training, writing and consulting.
Jonathan, I always go to the source. Check this link: http://www.hud.gov/offices/hsg/ramh/res/sc2sectd.cfm Good luck.
Barry is exactly right! In some markets, the decline rate is breathtaking, as these markets correct. Don't blame the appraisers--that is shooting the messenger. And don't say that because you have a signed contract, that establishes market value. Sometimes, you just say that 'two fools met--one for asking it, and one for paying it'. Like Barry, I have been a broker and an appraiser for many years. I have reviewed appraisals where the appraiser used 'better comps'--meaning superior locations, two counties away, etc. I've reviewed appraisals where the appraiser did not have comps, so simply made them up! Before you are certain you know more than the appraiser, check the educational and experience requirements to be an appraiser in your state--you may be surprised! In the meantime, we continue to allow people whose licenses are barely dry to go out and list a house and tell the homeowner what it is worth!
Great article, and absolutely right on! The brokers spend thousands (millions at the national franchise level) to create an image, and then a broker hires a part time (or full time) slacker who ruins it in less than twenty minutes in front of a consumer!
