Seems to be concern over appraised values not meeting sale price agreements/contracts.
There is a myth that if the appraiser "knows" the contract price, he/she can "make" the value.
THINK AGAIN !!
While we see a increase in values, values are established by buyers and sellers. The appraiser's role is to report the market and not "create" it.
We have also seen an increase in out of market appraisers not familiar with our market and due to lack of experience will use "whatever data is available". Some work here for one reason and that is to get to target values and no other reason.
You don't use sales in Hobbs to establish value on a 40 year old home in Eunice. Not when there are plenty of sales within blocks of the subject.
You don't use properties in Lincoln Park to establish value in Flamingo Heights. Especially when they are several sales in the area that are ignored by the inexperienced appraiser.
This type of behaviour is not only unethical but hurts the market. Our phones have rang of the wall with Flamingo Heights residents wanting to know what is going on .. This answer is simple: several of our lenders do NOT want those types of mis-leading sales used to establish market value on their loans.
BE CAREFUL !!! We all want our values higher, but it has to be supported.
Another day in the jungle..
Thank you, we'll be in touch!