'What's a home worth?' 'There are problems in appraisal land that transcend weak housing markets and debt-ridden borrowers, and that are causing home buyers and would-be refinancers to miss out on low rates and dream houses. "There's been a pendulum swing in appraisals comparable to the one we've seen in mortgage credit, from foolishly lax to overly restrictive," said Walt Molony of the National Association of Realtors. He reported that as recently as October, one in 10 member agents said they'd had a contract canceled as a result of a low appraisal, 13 percent said they'd had a contract delayed, and 16 percent said they'd had a contract negotiated to a lower sales price as a result of a low appraisal.'' [more inside]
posted by VikingSword
on Dec 14, 2010 -
The Secret Agent - whilst talk has gone on for many a year about things like 'bubbles' and 'bursting' on the topic of real estate, never before has it been seriously considered that regular offer-withholding, mortgage-falsifying, and price-gouging to the tune of £50,000 by real estate agents might be affecting the housing market altogether. I challenge metafilter to make the links, and see who's first on that merry conspiracy theory bandwagon. And why is it that people who work with selling or developing buildings are just, well, evil?
posted by jrengreen
on Mar 22, 2006 -