Hope your week is coming along great, so far.
Well, considering the fact that we put a man on the moon and that we have found cures to a vast amount of the illnesses that have plagued mankind, you would think we would have this appraisal thing licked by now, right? Well, not exactly !
To bolster this argument, this morning, I read a story on Yahoo Finance about a couple that were looking to purchase a specific home, and who shelled out $1600 for 7 appraisals, each of which was different than the other...and some of them by substantial amounts. Ultimately, due to this fiasco, the couple wound up renting the home that they actually wanted to purchase, but could not due to the scattered and lower appraisal(s).
Since a majority of the trades on the stock exchange are done via computer, isn't there a way to have a universally-accepted appraisal program that spits out a figure? Perhaps there can be 3 programs (as with credit scores/FICO), with a Low, Middle, and a High. In that case, lenders can choose to accept the middle price, an average, or some other computation. I realize that my Appraiser friends are turning bright red with anger, but it should be a system that is created, organized, and computed by Appraisers, and they would still need to go on-site to verify all features of the property.
Please don't yell at me for this one...but I am a stickler for automating procedures to minimize variation and errors. What are your thoughts on this proposal?
Have a Great Day, and Happy Rent-to-Owning !
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com
Tags: #appraiser #appraisal #finance