Posted To: MND NewsWire
CoreLogic's analysts continue to report on the validity of appraisals. A blog entry from last December found that thirty percent of appraisals the company reviewed were at the contract price while 60 percent were above it. A new article, written by Yanling Mayer, looks at the use of comps, especially how they are adjusted, as a factor in this valuation pattern. A recent review of three-quarter million purchase-loan appraisals completed in 2015 and 2016 showed 69.1 percent of the comps used in those appraisals were priced higher than the subject property and 30.9 percent were priced below it. The average difference between the subject and the more expensive comps was 12 percent while the less expensive ones were 6.4 percent below. A prevalence of higher-priced comps could lead to higher-than...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
from Mortgage News Daily http://ift.tt/2saKswy
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