According to a survey conducted in June by the National Association of Realtors, 86 percent of the group’s members cited a lengthening time gap from contract to closing, and linked a decline in the quality of appraisals to the increased use of appraisers from elsewhere. Thirty-seven percent of Realtors said delayed appraisals had cost them one or more sales.Peter Caruso, owner of Caruso & Boughton Realty in Franklin Square, said that it was lenders who were driving the trend toward lower appraisals, and that they were “almost trying to decrease the prices below what the market is bearing,” by using appraisal management companies that don’t hire local appraisers. “How do you sell something in Nassau County when it goes to a management company in Pennsylvania and they assign it to someone in Montauk?”
By Marcelle S. Fischler, August 23, 2009 NYT

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