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Keep a critical eye to appraisals done in 2003-2005
March 1st, 2007 6:26 PM

We often get a request to "comp search" a home only to find out the current market value is less than an appraisal performed in 2003-2005, or before. Why? Although the market has "stabilized" in the greater Des Moines area, and the state as a whole, there are few areas of declining property values with the exception of some very small Iowa towns and areas with employer loss.  Most often, the appraisal during that time was inflated.  There have been approximately 6-7 high profile appraisers that lost their licenses in the past 12-18 months as a result of practices during 2003-2005.  Often the appraisals they performed have no validity to the actual market value of the home.  Knowing this in advance can save you and your client alot of time, expectation and let down.  Knowing the true market value can help structure a deal that may work, or atleast allow the customer to make modifications to eventually attain their mortgage financing goals.  We are always more than happy to review past appraisals to let you know if they appeared inflated at that time, or represented true market value.  In many situations, customer care of the home can result in a slight dip in market value due to the current market stabilization (but only if they don't take care of it).  Remember that we are a state wide company, thanks to our newest appraiser Kevin Powell, handling that winter-treacherous northeast Iowa area up to the Minnesota border.  We can review all of your state wide needs.

As of Friday, March 2nd, the office will be relocating to 921 9th Street, Suite A, West Des Moines, Iowa 50265.  We will have a temporary service interruption in both phones and fax, but you can leave a message. We will be checking email over the weekend.  Please feel free to visit us in our new location!

Posted in:General
Posted by Shawna Neal on March 1st, 2007 6:26 PMPost a Comment

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