I am encountering a great deal of frustration with appraisers, especially with VA and FHA financing.
Appraisers today, are going to the other extreme when doing their "job". No long ago if the property was standing, the appraiser brought the value at the sales price. Today, they do not care what the sales price is … it's coming lower. It is quite obvious to me, that they are trying to compensate for the sins of yesterday. I see them blatantly undervaluing many properties. It is going to take a Beverly Hills attorney to represent a seller who lost a deal from an appraiser who couldn't do his/her job? All we are asking is a fair opinion of value. Nothing less!!
3 contracts canceled this month due to VA appraisals that left no room for re-negotiating price, and in one of them, seller had a back-up offer at much higher price than our appraisal value.
This is a disservice also for the Veteran. Will it get to the 90's where VA financing was sort of like a bad word for sellers?