[Fredslist] NY times on some of the problems with real estate appraisals

[Steven C Horn]

http://www.nytimes.com/2012/10/13/business/scrutiny-for-home-appraisers-as-t
he-market-struggles.html?pagewanted=all
<http://www.nytimes.com/2012/10/13/business/scrutiny-for-home-appraisers-as-
the-market-struggles.html?pagewanted=all&_r=0> &_r=0

 

With interest rates at historic low rates, the number of refinancing and
sales has increased drastically in the last few months.   If you are a real
estate broker, an attorney who represents buyers/sellers or looking to
refinance your existing property, or a homeowner looking to refinance their
home,  this recent NY Times article about the struggles that real estate
appraisers are having  should be looked at.    

 

As an appraiser with 25+ years of experience, it never ceases to amaze me
when some real estate brokers (and owners of those properties) take for
granted that the appraisal will "come in at the sales price".    The really
good ones, bring several comparables to the inspection (some above and some
below the sales price) and explains the benefits  of using specific
comparables in the report.  Even if your refinancing your property, a list
of recent sales would be helpful (and to see if it is worth your time and
effort to refinance)   

 

As a service to Gotham members, if you are planning on selling or
refinancing your home/coop/condo, call me and I will try to "run some
comparables" to let you know what has sold in your area.  (Only for Long
Island, 5 Boros and Westchester county only)            Of course, for
Gotham members.. NO CHARGE.

 

 

STEVEN C. HORN

 

S.C. HORN ASSOCIATES, INC.

 

516-593-4676 (OFFICE)

516-241-9706 (CELL)

516-593-4017 (FAX)

 

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