Aug. 4, 2006 - Appraisers: NOT TOO LIBERAL

Appraisers are being tighten up by the lending institutions.  When the market was steamy hot and appraisers were working 24/7 to keep up with the home sales they were being a little liberal and the comps were changing so fast that it was hard to tell fair market value or not.  Now things have slowed waaaaay down and the lenders are changing some of the the criteria here in Las Vegas.  They are not giving as much value for things that they did in the past.  They are not allowed to factor in builders upgrades that can add $10,000-$50,000 dollars to the price of a home.

It is harder for a home to be appraised for what the prices were at a year ago.

As if the home sellers are not having a hard enough time.