The New York appraisal debate – Objectivity vs. Location
It’s important to choose local appraisers when appraising your property. We employ local appraisers from each county that way you know you’ll get an accurate appraisal from one who is knowledgeable about your neighborhood.
What is more important when you read appraisal reports? In New York, buyers and sellers feel that the appraisal reports aren’t essentially reflective of the property’s true market value. In fact, the determined value of a property during appraisals in New York varies as per the bank’s outlook.
There are banks in New York which during appraisals prefer hiring appraisers from other states. The trend is basically in lines with the Dodd-Frank act. This act propagates the idea of calling external appraisers so that impartial results can be obtained. However, when focus is on maintaining objectivity in the New York appraisals process, an important fact gets understated. We are talking about the most important aspect of appraisals, the location.
An appraiser who is not much aware of regional nitty-gritty will perhaps draft an unbiased appraisal report; however, this report might be shallow. Appraisals are comparative analysis and thus to be accurate, these must be done in accordance to other comparable properties. An outsider however would have little information on this account. While the stated is true, instance of falsified appraisal reports in New York too cannot be ignored. On various instances, appraisers who succumbed to influence presented escalated or deflated picture. No wonder, Dodd-Frank act had to be introduced.
For appraisals in New York, who do you then rely upon? For accurate appraisals, it is important that an appraiser is selected who is well aware, is qualified and at the same time, has a reputation. You cannot be compromising on any facet because as a seller or a buyer, it is important that you know the precise value of the property. Thus instead of taking any sides, try and achieve balance between objectivity and location.
