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Florida, California and Nevada have problems that are pretty unique unto themselves. First all three states have high median home prices, in California it is $514,000, In Florida it is $259,000 and in Nevada it is $478,000. The median price is the exact middle of the range. This means that there were as many homes over that price as there were under that price. So as you can see clearly over half of the homes in California and Nevada are considered non-conforming simply because they are over the Fannie Mae limit.

bank appraisers, are very subjective; there is no one strict rule that is followed during appraisal. Generally the valuator compares the house in question with other houses that are of the same size and that have the similar amenities. Although no two houses can have the exactly same features, yet the valuators try and compare houses that can be said to be similar. Another factor that plays a big role in deciding the value of the house is the location. A house can greatly increase its value if it is located in a posh locality.

“Land value is too often simply based on ‘file data; or tax assessment, and the reviewer has no idea whether or not it’s reliable,” he said. “Adjustments rarely are supported by market data that is discussed in the report. Too often, there is no evidence that the real estate appraisers, is actually analyzing and reporting on the current market.”

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