Appraiser Restrictions?

[JoeDC]

Question?

I was reading somewhere about appraisers being restricted to appraise a property over 5% of the previous MLS listing.  Has anybody heard about this regulation or know anything about it?  Thanks, Joe.

[Admin]

Joe,
Actually, you are on to something.  I haven't kept up with the rules, but it's not really a restriction, but a matter of burden.  I ran into it years ago.  I ended up refinancing a property that wouldn't sell and prior to that I had reduced the property's sales price in MLS several different times.  (I'm not positive, but I think I mentioned this as a quick tip in one of my newsletters.)

The refinance appraisal value came in way low because of this rule.  The appraiser told me he would have to jump through many different hoops if he went more than 5% above the last MLS listing price and that since this was a rural property, it wasn't worth the risk.

[tedjr]

I deleted my answer. I feel I should be right but am not. I yield to your vast knowledge, Tim. I still want to look further into this thread.

Happy Holidays and Thank you,
Ted P. Stokely Jr
11505 Sw Oaks
Austin, Texas  78737
512-301-9171 home
512-587-6177 mobile

[Admin]

Ted,
I do sincerely appreciate the kudos, but please don't make me into something I'm not.  I know a few things and am constantly learning.  Experience is the best teacher and you have plenty of that.  Thanks.