Viewing Entries Tagged: Florida appraisals
-
Friday, January 27, 2012
Don’t Blame the Appraiser
Posted In Categories: Florida Homeowners, Tampa Foreclosures, Tampa Real Estate
The Appraisal Institute says don’t blame the appraiser if your house isn’t worth what you thought it was. The Tampa Real Estate market was hit hard with distressed sales leading to some homes not appraising. Some say appraisers are at fault for producing opinion’s of value that don’t match the sales price or what Buyers and Sellers feel a home is truly worth. But, appraisers wouldn’t agree.The purpose of an appraisal is to help lenders make a decision to finance, not reinforce a listing or sale price. A sales price may not be a correct representation of a home’s actual market value. Appraisers are third party experts that are sent by lenders to produce an unbiased opinion of price.
Unfortunately, with the depressed market many homes simply aren’t worth in today’s market what homeowners think they are worth. In many cases, it is necessary to use distressed sales as comparables due to the high number of distressed sales in the area. The Florida Real Estate market was especially hit hard with distressed properties, so some homeowners should expect those properties to be used as comparables by appraisers.
