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Originally Posted by batman911
A few statements as to the ownership of the local bank got my interest. Does TV or the Morse family have total or partial ownership of the bank? Is that the bank that is recommended by TV sales office? If they do, can they infuence the bank appraisal values at the time of sale? Anyone that has a home loan from other banks had any issues with appraisal value of the home to be purchased in TV?
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I was told they have total ownership, but I won't swear to it. I do know they have at least partial ownership.
As to influencing appraisers, the reality is most realtors have an appraiser or two they influence -- the appraiser wants the business, the appraiser is going to do his/her level best to come at the amount the realtor wants. It is part of the business. That being said, the appraiser does have to prove to the lender's satisfaction that the appraisal is legit. That is, the comparables (houses previously sold in past few months) have to be the same type of house in the same area if at all possible; the amenities in the home have to be similar (pool/no pool, tile flooring, etc.); and so on. The appraiser has to justify when a house is worth more than the comps -- that is, extended garage, bird cage, better tiling, etc. So, the influence issue really isn't an issue, unless we have another housing debacle. Appraisers really do try to work with their realtors/mortgage brokers to come in with the price asked.