Quote:
Originally Posted by MODE ROGUE
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A – Appraisals. Back in the “old days” (i.e. – a year ago) an underwriter would have an appraisal go through a formal appraisal ‘review’ if it looked suspicious. Today, virtually every appraisal is submitted for appraisal review and lenders are frequently coming back with LOWER values than those submitted by certified appraisers. This is commonplace and, clearly, a showstopper. !!
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Maybe it is the right thing to do. The bank's appraisals are probably more in line with reality. In the Bay Area for a very modest house the asking price is still 500K+, It's good to hear that the banks are not putting up with this bullshit anymore. House prices need to go down by 50%.