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Appraisals part of the problem?

Posted on in Bankruptcy Attorney

Why has my property dropped more than 25% in value if housing prices have in general dropped approximately 25% over the past several years?

The answer maybe fraudulent bank appraisals – in many circumstances. Many appraisers were under pressure by banks and mortgage brokers to appraise properties at contract prices even though properties actually were not worth the appraised value. The consumer believed that the bank was willing to appraise the property out then it must be a good investment because why else would the bank loan money on the property. The consumer justifiably so relied on the banks sophistication to justify taking out loans.

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