After-Sale Evaluations: Appraisals or Justifications?
AbstractThis article argues that most residential evaluations done for lenders are not appraisals; instead they are justifications for the amount of the loan applied for by the appraiser. The appraiser, by knowing the contract price, is under conscious or unconscious pressure to estimate value at or above the already agreed-to price. The research tests two hypotheses. First, appraisers are as likely to estimate value above contract price as below it. Second, staff appraisers are as likely to estimate value above contract price as are independent appraisers.
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Bibliographic InfoArticle provided by American Real Estate Society in its journal Journal of Real Estate Research.
Volume (Year): 3 (1988)
Issue (Month): 1 ()
Contact details of provider:
Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
Web page: http://www.aresnet.org/
Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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- Marvin L. Wolverton & Paul Gallimore, 1999. "Client Feedback and the Role of the Appraiser," Journal of Real Estate Research, American Real Estate Society, vol. 18(3), pages 415-432.
- George H. Lentz & Ko Wang, 1998. "Residential Appraisal and the Lending Process: A Survey of Issues," Journal of Real Estate Research, American Real Estate Society, vol. 15(1), pages 11-40.
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