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Wall Street Journal Article about appraisers
August 23rd, 2011 9:13 AM

Judgment Call: Appraisals Weigh Down Housing Sales

William Maxwell is an expert in finance. He's a professor at Southern Methodist University's business school, has co-authored a book on high-yield debt and spent years calculating values of financial markets.

Yet there's one valuation he can't understand: the appraisal of his Dallas home.

In August 2010, Mr. Maxwell's home was appraised at $790,000 as part of a mortgage refinancing. Yet this past spring, when he tried to sell the four-bedroom home for $756,500, the appraisal commissioned by the buyer's lender, Bank of America Corp., came up with a value of $730,000. Mr. Maxwell said the appraisal killed the sale.


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Posted by Stephen Rochkind on August 23rd, 2011 9:13 AMPost a Comment

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