Actually 90 percent of the appraisers questioned by the poll conducted by October Research Corp. which publishes one of the top industry newsletters, Valuation Review, stated they have felt some heat from mortgage brokers, real estate agents, lenders and some homeowners to fudge the facts.
Some 75 percent of appraisers questioned reported disturbing degrees of threatened difficulty if they did not come up with the “correct appraisals” that would get some deals through. In plain English that means they were being encouraged not to do the right thing.
What that means is some of the more inexperienced appraisers might have fallen into temptation. If that’s the case, there will be properties out there with inflated appraisals. Beware.
However, the good news is that most of the surveyed appraisers stated they did not inflate the appraisals, no matter how much pressure was exerted on them
We still need to have more due diligence than ever and make sure everything is on the up and up with any properties we buy.