Normally, the financial institution otherwise mortgage broker contracts a 3rd party to provide an assessment (Hutto & Lederman, 2003)
Just how effortless could it possibly be to manipulate assessment opinions? Dennis & Pinkowish (2004) brings an introduction to the house appraisal processes. Independent appraisals are essential due to the fact a lending company try not to trust price as a way of measuring brand new security property value brand new home. Individuals are not allowed to price appraisers on their own getting anxiety they usually look around having a keen appraiser happy to inflate new appraisal meaning that reduce steadily the borrower […]