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One thing that could kill off the housing recovery; it is appraisals. Since new rules went into effect, many of you are saying, this part of the loan process is the most frustrating and often the most wrong. Joe Milkes, owner of Milkes Realty Valuation, discusses whether appraisals could kill the housing recovery. Clip starts 2:00 in from the begining.

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Submitted by JerzyGC (#2)
1829 days ago
Much of the problems are caused by the lenders and their AMC (Appraisal Management Company).

1. Low fees

2. Lack of qualified appraisers supervising the vendors

3. Low qualifications of appraisers on their approved list(faster and with lower pay are the only criteria).

4. No contacts to report improper actions by a lender broker, real estate broker or property owner.

5. AMC failure to provide adequate time to perform a quality appraisal.

6. AMC, lender and end investor make Scope of Work requirements that dictate the type, style, size and closing dates of comps that an appraiser can use in a report, and maintain some profit.

7. Stipulations required by the AMC and lender that cause a lower final value.



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