Where is appraiser pressure coming from now? The same place where it has always come from, from those who have an interest in the property. The most commonly known type of appraiser pressure is in mortgage lending where the seller wants the appraisal as high as possible and the buyer wants it as low as possible. Let’s not forget mortgage lending also includes refinance appraisals where the borrower wants it as high as possible.
This is not the only area where appraiser pressure exists. We also see it in private appraisals such as divorce appraisals, estate appraisals, bankruptcy appraisals and property tax appraisals.
In a divorce appraisal the person not keeping the property wants the appraisal high while the person keeping the property wants the appraisal low.
In an estate appraisal the sibling buying the estate wants it low while the sibling selling wants it high.
In bankruptcy and property tax appeal appraisals, the homeowner wants the appraisal to be as low as possible.
An appraiser is much like a referee and must be unbiased, independent, impartial and objective. Appraisers do not provide opinions of value that are contingent on a predetermined amount or guarantee the outcome of an appraisal in advance. Appraisers do not insure that opinions of value developed will serve to facilitate any specific objective or personal interest by a client or advance any particular cause.
As I stated earlier appraisers are much like referees, you’re not always going to the like the call they make, depending on your personal interest, but they will be unbiased and that’s what you want the game of real estate.
Did I leave anything out or do you want to join the conversation? Let me know in the comments below.
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