Anyone else getting crushed on appraisals q1 2019

[Uriah D.]

In the last 3 months we have had 5 properties appraisals come in under contract price. Altogether we are going to leave ~25k on the table after negotiations. In the prior 3 years we had zero properties not hit contract price. My thoughts are appraisers are CYA in case we have a slowdown so they can point back to the ones they didn’t approve and show they were “doing their job well”

What are you doing about fixing the problem if you have had any?

If you aren’t having any issues what have you done to make sure this doesn’t happen to you?

[Cory Carlson]

We had a garbage appraisal in January. Turns out the appraiser was single handedly trying to control the market of his hometown by under appraising property. I would keep a close eye to make sure you are not getting the same appraiser from the pool. Turns out, the guy who did the appraisal on my clients fourplex had a reputation of doing this. 

I told the lender if they want my referrals to remove him from the pool for conflict of interest and they did just that!