It didn’t take long for mail to arrive from friends of the blog to warn about going too far in critiquing the appraisal process. I appreciated that feedback. The blog has already claimed that it does not have the credentials or the inclination to play the role that Larry the Lawyer plays; and the truth is the same probably should hold true for claiming to have any professional skills to be able to appraise something as complex as the Vue Charlotte. So is it best that we trust the appraising to the professionals and leave it at that?
Another dilemma is the fact that the blog is here to inform and help the pre-sales buyers with their decisions and to help them fulfill their objectives. It is also our stated intent to help the Vue Charlotte eventually succeed. Say we had the skills to appraise this building. Are we helping the buyers by saying the appraisals are too high or hurting them? I think it depends which buyers we are talking about. Some want to close and need a full appraisal to do so; some don’t. What to do?
Let’s take a cooling off period while we sort this all out. In the meantime, there are a few facts that bear repeating about appraising. It is not legal (anymore) to pay off or pressure an appraiser so that your condo or house comes in at the price you need it to. In early 2000 this was not necessarily the case which was one of the reasons the housing bubble got so frothy. So it would be a stretch or even absurd to think that either the Vue or an appraiser would risk breaking the law. We have to rule that completely out.
Banks use a pool of appraisers and choose them in a round robin fashion. I do not believe it is possible to always have “Al the Appraiser” do every one. This also helps in keeping the process ethical and fair. I have seen the forms used and even without being an expert it is clear to me that there could be a variance of how appraiser A rates a unit versus appraiser B. Presumably though, most have been trained in such a way that the numbers should come in within reasonable proximity of each other no matter who the appraiser is.
That’s enough appraisal talk for today. More to come tomorrow.
We are expecting to see some more sales appear in the public records soon and look forward to announcing them when they are published.
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