The Value of Appraisers
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Good job.
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Wrong!! An appraisal is an OPINION OF VALUE. It is based mostly on sales data however it is not derived from a mathematical formula. However the video does correctly identify that appraisers and appraisals are not to blame for the mortgage mess.
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I am not an appraiser, but when it comes to determining values based on comps, underwriters use mathematical formulas, especially in these times that they go over every detail of an appraisal with a fine tooth comb.
NatesMortgageNotes 3 years ago