Honest Home Appraisals

We, along with throngs of real estate consumers, have always been skeptical of the home appraisal process. After all, appraisers were pressured by real estate agents and mortgage lenders to over-value a home so that it would conform to an inflated listing price. If the appraisal came in at a lower amount, the real estate transaction would fall through, and that appraiser would never be asked to give a valuation in the future. So let's just say that the real estate agent and mortgage company held some power over the appraiser giving his/her honest valuation. Click here to learn how to get an accurate home pricing report

The New York Attorney General, Andrew Cuomo (who, by the way, was elected to this office when disgraced Eliot Spitzer was elected Governor), has announced an agreement in which Fannie Mae and Freddie Mac will only buy mortgages backed by independent appraisers. While such a logical step is long-overdue, it should help to prevent dramatic & unrealistic price increases in the future.