In 2005 and 2006 during the real estate “boom”, appraisers were putting price tags on homes which made every home owner in Florida surprised but elated they had so much equity. Many made the mistake of re-financing at that time. Appraisers were taking their best comparables to insure meeting contract prices. Of course, the appraisers were not the only cause of the “boom”, but along with the banks and mortgage companies they certainly played a large role in the inflation of pricing. Today, the appraisers are playing a huge role in the deflation of the home values. I had a contract for a move in ready home. The contracted home included a new roof, newer A/C system, all new windows and appliances, new paint and carpet to make it move in ready. The appraiser used 3 comparables which were bank foreclosures with no appliances, non-functional A/C systems and broken windows and walls. One of them had a roof so bad the ceilings were falling in. This move in ready home appraised for $8000 under the contract price of $49,000. There were several comparables which were not bank foreclosures not used because of a 5 mile difference in rural Florida. If this kind of appraising keeps up, our home prices have not hit the bottom yet. This is a scary thought for most of us. There needs to be some regulations appraisers have to stick with on these move in ready homes vs. bank foreclosures. Most appraisers have not witnessed the shape of the comparables they’re using. This is making it very unfair for the home owner who has maintained their home and for some reason has to sell at this time.