Low-ball appraisals hit homeowners

It’s by far the hottest controversy in real estate this summer, and it could directly affect your home’s value – probably negatively – by tens of thousands of dollars. The issue concerns lowballed valuations and the new rules guiding appraisers in both price-depressed and rebounding markets. Consider these snapshots of what’s going on: In San Diego, Steve Doyle, division president for Brookfield Homes, is trying to close out the final 20 houses of a 120-unit single-family subdivision. Prices range from $340,000 to $350,000. But recently there’s been a major hitch: Appraisers assigned by banks are coming in with valuations $60,000 or more below…

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