Quote:
Originally Posted by onwebcam
An appraiser uses comparable sales to reach their value and those can be easily manipulated. If someone overpays for a house because someone lined the walls with gold the next appraiser would use it as a comparable without mentioning or maybe even knowing about the gold.
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i understand that theory, however there should be some sort of control that keeps home and land values gaining at a sustainable pace. i have no problem with some realtor selling a 100k home for 200k, but when the appraiser gets that file a red flag should go up and that sale should not automatically increase every home in that neighborhood by that percentage.