ST Alpha - "Housing appraisals are such a scam. Friends just got their appraisal on a house they're buying." (Reading a Post)

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Housing appraisals are such a scam. Friends just got their appraisal on a house they're buying.

Posted by Mop (aka rburriel) Apr 13 '10, 21:23

It's full of "errors" (no, the house doesn't have air conditioning, nor does it have a 2-car garage) and outright fabrications and the appraisal came in $10,000 above their bid price (which was already probably about $15,000 more than the house is worth). If you think that's crazy...

Our appraisal came in $100 above our bid price. ONE. HUNDRED. DOLLARS. Apparently, we're such good negotiators that we agreed to a price that is a fraction of a percentage point under the actual price.

Mop

Responses:

The appraiser is given the price you are paying. The appraiser for our condo appraised to about 20% below our offer. It actually worked out great, - James Bond (aka Igor) Apr 13, 21:30 2
- Of course he is. He rigs it so the realtors keep using him. -- nm - Mop Apr 13, 22:20 1
  - With the market crash appraisers got more serious. But back in the days, I remember my prof telling us stories about how he would just hire - James Bond (aka Igor) Apr 13, 22:22

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Housing appraisals are such a scam. Friends just got their appraisal on a house they're buying.

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