We have had several cycles in the real estate market the last 15 years. 1999-2005 it ran hard, 2006-2010 it fell hard, 2010-2012 it was flat and now we are moving in a positive direction again. When the market is flat we usually do not have appraisal issues but when it moves in one direction or another they start to creep in. The reason being is the data is changing quickly and it becomes discretionary to what the data means. One of the sayings in the business is "An appraisal is an art not a science". If you send 5 different appraisers out in a moving market you could get 5 different opinions on value. With the market moving again we are seeing the appraisal issues start to come back. If you get a low appraisal you do have the ability to fight it. If you need help with this your manager and I are there to help. Please let us know and we can meet with you to look over the appraisal and the comps.
Enjoy the coffee,