COLUMBIA (WACH) - It's the tale of two homes: both sold for $115,000, but one of them was appraised for only $110,000 even after the seller agreed to make the necessary repairs.
Brian Baucom with Midlands Realty says this is the dilemma caused by a law that bars anyone taking out a government home loan from soliciting more than one appraiser.
"This is an identical building, right next door that the appraiser has said needed some repairs, which the seller is doing," said Baucom. "So you would think that property would be equal."
Baucom says it's too early to determine if this law is hurting home sales.
This rule was put into place after the housing bubble burst so banks could recoup all of their losses in case of a foreclosure. You could get as many appraisals as you wanted under the old guidelines.
"You could actually pick your appraiser, which I don't necessarily agree with anyways," said Baucom. "Now the bank has a list of appraisers, once that appraiser goes out there, good or bad, you're stuck with that appraisal."
Phil Welborn of Welborn Appraisers told us off camera you can ask an appraiser if they will redo their appraisal if you feel it wasn't fair, but it's their prerogative to grant you another estimate.
Baucom says the appraisal process will be a lot smoother if home owners keep up with regular maintenance, especially the exterior of your home, and take pride in the appearance of your neighborhood.
What do you think about the appraisal law? Is it a good thing or does it hurt home sales? Vote in our poll below and leave a comment to weigh in.
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