You should be aware that most banks and mortgage companies are now going to a third party appraisal system. This system is set up in place so that we now get true appraisal values. Appraisers do not have to fear being removed from a list due to not being able to satisfy the lender.
This system does not allow the lender to speak with the appraiser. Therefore you can rule out any fowl play going on in the banks or appraisal worlds.
Years ago when homes were appraising at prices that were far beyond our belief, is when this system should have been in place. But you learn by your mistakes.
Realtors should do their own market analysis for their customers to be sure if they have to challenge the appraiser that they have the power to do so. If you can justify why an appraisal is too low, an appraiser will listen. Also Realtors should be sure to note as many items on a listing in the mls so that is does make appraising a homes easier for the appraisers.
Our market is still correcting itself and we just have to hang in there and hope for the best results.
