An appraiser who didn’t “play ball” has been relegated to songwriting. Hat tip to Lauren Baier Kim of the Developments blog at the Wall Street Journal.
>And while it didn’t happen often, a lender would sometimes ask him to say what he thought a home’s value was before he appraised it, Mr. Girtsman says. The implication: If the value didn’t match what the lender wanted, he wouldn’t get the job. Mr. Girtsman says that he resisted.
It’s a light hearted approach to a sad situation for many.
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As long as appraisers actually see contracts, this will be a problem. There is absolutely no reason whatsoever that an appraiser needs a contract to do his jpob – unless of course his job is based on the contract sales price. Since the appraiser is the one who is supposed to interject objectivity, it seems to me to be a serious conflict of interest for them to know what a contract price is for a home.