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HOME » Sellers » Uproar Over Appraisals

Uproar Over Appraisals

October 22, 2009

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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