A large percentage of appraisers are being asked to inflate home values, and they fear losing repeat business, according to a survey conducted by ValuFinders Inc., a provider of valuation services to national lenders and government agencies.
Findings from the survey include:
- 91% stated that they were asked to inflate the value of a home;
- 81% feared losing repeat business based on not providing requested values, and some of the appraisers surveyed expressed concerns about losing business because they did not provide the client a value before the client ordered an appraisal;
- 52% felt that their workload would become easier if the industry adopted technology to facilitate the appraisal process; and
- 65% agreed that they were affected by the pressure to overvalue homes.
SOURCE: ValuFinders Inc.