Last week, after making "150 phone calls" and persuading the appraiser's supervisor that the comparable properties she had found were a better gauge of the local market, she secured a new appraisal value of $510,000.
In other words, Colorado's current appraiser crunch may be turn out to be a unique circumstance, but it serves as a case study in what will happen elsewhere if new appraisers don't enter the profession soon.
In cases in which buyer and seller are able to reach a new agreement, an appraiser will be sent out to verify that the house is back in functional condition after repairs are completed.
After refinement, the instrument was field tested again on a random sample of 33 guidelines (including 14 cancer guidelines) from the first field test with a new set of appraisers.
That gap resulted at least partially from a new code of conduct for residential appraisers implemented in May, with the approval of the Federal Housing Finance Agency, Fannie Mae, Freddie Mac and New York State Attorney General Andrew M. Cuomo.
Only those with vertigo need not apply: "Everyone in the market is a potential buyer where a new skyscraper offering spectacular views is concerned," said Mr. Vargas, the appraiser, "except for people who are afraid of heights".
The value of a property as established by an appraiser determines how much loan officers and underwriters will lend an applicant for a new mortgage or for a refinancing.
Mr. Engelman also disputed the appraiser's estimate, saying that its report did not note that the theater needed repairs like a new power grid, heating system and soundproofing.
The rarity of such a find makes appraisers and dealers roll their eyes at programs like PBS's' "Antiques Roadshow," which always has a new discovery to add sparkle to the silver screen.
Appraisers don't necessarily take into account the repairs a home may need -- whether, for instance, it will need a new roof or has mold that has to be removed -- that can lower its value.
