Ohio property appraisers often blamed for broken housing deals

Associated Press

CLEVELAND (AP) — Ohio appraisers are feeling the heat when their home value estimates fall below what sellers advertise.

The Plain Dealer newspaper in Cleveland reports in its Sunday editions that a major trade group accuses low appraisals of botching the housing recovery, while real estate agents say appraisers are being sent to unfamiliar neighborhoods, resulting in flawed appraisals and missed sales.

Appraisers look through a house, evaluate similar properties and take into account economic conditions to determine if a property is worth what the buyer is willing to pay. They work for lenders to help determine whether a mortgage is a sound investment.

Appraisers deny the claim that low appraisals are hurting the housing market. They say housing prices fell drastically in the last five years and foreclosures are dragging down the market.