Sequim AppraisalsThe real estate appraisal business has taken a pretty big hit since the mortgage debacle.  It used to be a good and well known appraiser could get referrals.  In any profession, referrals are not only a good idea, but referrals became a major source of business for established pros.  Referrals have been a good idea for consumers because you don’t choose by trial and error but by someone’s good experience, which is a good indicator that the person is honest and competent.   And referrals were good for appraisers, because it is the least expensive and most effective way to get new business.

With the mortgage meltdown it was learned that a very very small number of appraisers had yielded to pressure from mortgage companies and banks to appraise homes above their fair market value in order to close loans.  No one has come up with a statistic, but I think it would be reasonable to state that the vast majority of appraisers are honest and practice with integrity.  It is probably less than 1% of the entire profession that would violate their oath by over valuing real estate.  I think it’s fair to say that the small number of over valued homes was not the cause of the mortgage meltdown.  If blame is to be assigned, it would better find its place in the mortgage industry and on Wall Street.

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