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July 10, 2012
FNC Study: How Local Market Conditions Affect Appraisal Valuations
Market-based appraisals have often been criticized for failing to support potential mortgage transactions – especially if the adjustments result in a lower appraised value than the contract price. Using a large dataset of recently completed purchase-mortgage appraisals, our analysis reveals appraiser due diligence in the process of developing a market value opinion on the underlying collateral. Meanwhile, we find the majority of appraisals provide a valuation that supports the contract price.
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