The Real Deal Miami

Low appraisals hurting deals

September 20, 2011 08:34AM

A number of buyers and sellers are being hurt by low appraisals, as more
agents feel vulnerable to appraisers. “We really feel we’re at the
mercy of appraisers,” said Randy Lane, a homeowner in Broward County who
said a deal to sell his home collapsed when two appraisals fell short
of the agreed-upon price. In 2009, a law was enacted obligating
appraisers to work independently, without influence from third parties
like brokers or lenders. “This requirement is costing everybody,
including the consumer, because we’re not getting quality appraisals,”
said Tim Singer of Coldwell Banker in Fort Lauderdale. Ken Chitester, a
spokesperson for the Appraisal Institute, cautioned against pointing
fingers at his industry, however. “Don’t shoot the messenger,” he said. [Sun
Sentinel]