Appraisers vs Realtors – Smackdown

On Tuesday the Appraisal Institute released a statement in response to a comment by Lawrence Yun, National Association of Realtors chief economist, who stated that the increase in existing home sales in May was less than expected because poor appraisals are stalling transactions. Yun further claimed that faulty valuations are keeping buyers from getting loans.
Bill Garber, Director, Government and External Relations responded:
“We take offense with the notion that an appraisal is only good if it happens to come in at the sales price. That mentality helped cause the mortgage meltdown to begin with. The fact that the value reflected in …read more