Uproar Over Appraisals: Property Owners Chafe at Change in System Designed to End Fraud

Appraisers, mortgage brokers and others blame new appraisal rules, which change how appraisers are assigned, for lost revenues, delayed and faulty appraisals, collapsed deals and other problems, even in some of Atlanta’s toniest neighborhoods.

Atlanta mortgage broker Steven Alexander of National Guaranty Mortgage Corp. said an out-of-town appraiser hired to evaluate a Buckhead mansion he handled recently came up with a value $500,000 below the $2.1 million he thought the house deserved.

Alexander said the appraiser ignored the fact that the home was designed by a well-known architect, was located in a more desirable school district than comparison homes and included luxurious features such as copper gutters, a patio fireplace and a basement entertainment center. As a result, the owners, who were refinancing, ended up having to get a loan with a higher interest rate because the lower appraisal made the loan appear riskier. (www.ajc.com)
Atlanta Journal Constitution (10/18/09); Russell Grantham

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Who’s knocking at your door? Do you know who is standing outside?
Are they a buyer? Or, are they looking for a way into your home?

It’s a tough real estate market. I know Atlanta sellers are anxious to find a buyer. But…

Please, don’t open your door to an unrepresented buyer.

Insist buyers make an appointment to view the property with your real estate agent, or theirs.

If you are not represented by an agent, schedule an appointment for a later time.

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Did You Miss These?

• Glavine Says He’s Ready
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• What Home Sellers Want

Home buyers ask, “What do sellers want?”
Sellers want to know, “What do home buyers want?”

Every transaction requires a home buyer and a home seller, so it’s only fair to ask both sides the same question.

Using the same research tool from yesterday, we discovered what home sellers want to know.

What Do Home Sellers Want?

I don’t see a meeting of the minds. Do you?

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Did You Miss These?

• Glavine Says He’s Ready
• March 2009 Case-Shiller Home Price Index
• Sellers, Do You Know Who Is Knocking At Your Door?

This is the third in the series of bad MLS listing photos. Actual photos of homes for sale… Can you believe the level of service sellers tolerate?

Demand more from your real estate agent.

Related Post: Real Estate Agents Don’t Get the Picture

h/t to Ryan Ward

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Did You Miss These?

• MLS Market Update March 8, 2008
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Can You Sell a House and Move Using the Web Exclusively?

Drew raised some interesting questions after stumbling across a post on Proud Geek earlier today.

The blogger (and his wife) conducted a 8-month experiment to sell their home using the web. No phone calls. Only e-mail, text messaging, and web tools.

There were 6 main steps they went through during the experiment (you can read their findings on Proud Geek):

• Find a realtor via the web and who’s willing to do everything through email
• Advertise the home on the web
• Find a lender who’s willing to deal exclusively via the web
• Switching or starting new utilities and services for a new house
• Find a moving company willing to deal via web and email
• Changing addresses for a range of organizations, stores, banks, employment-related sites, etc

Can you, as a real estate agent, meet the criteria the blogger set forth? What about you mortgage folks?

Sellers, how important is electronic communication to you?

Our team always get hung up with the utility vendors.

What’s your experience?

Use Comments to respond (under title). We really want to know.

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