House Value Drop

13FoxTrot10 said:

And you wont admit that you pumped-it HARD for the mortgage company/broker to get that loan done? Isnt it referrals that get you guys work? Where do the referrals come from? Is it the new homeowner that got an awesome deal because you realistically appraised a home or is it because the broker got a good number from you to get the deal done? I assume you are the ONE honest "appraiser" (ie; mortgage bank employee) out there.

Seriously?

The housing market, that ONE SAFE investment the average American had, has been and IS being picked clean. Joe Blow Sheeple has no idea how they have been RIPPED of their "American Dream". Next Up? Retirement Funds.

And no, I'm NOT upside down on my mortgage. Full disclosure.

There are a few careers I would never admit to in public....
1. Broker
2. Banker
3. Appraiser

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abatardi said:

I remember buying a house in Bay Area at the time, and an appraiser would come in and value something at $750k and it would get bid up to $900k and the buyer would cut a check for the difference...

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Cowboy Steve said:

Don't Take Zillow too seriously. As a certified residential appraiser I can tell you that their computer model paints with very broad strokes. I've seen plus or minus 25% in a number of cases.

Unless you plan on selling tomorrow I wouldn't worry about it. If you do, then hire a local professional to tell you what is your property is actually worth. A real appraisal involves a physical inspection of your property to judge quality, condition and special features. I don't know how they'll ever be able to do that with a computer model, you need a man (or woman)on the ground.

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