A recent Wall Street Journal article (one of many in the papers these days) - http://online.wsj.com/article/SB124857099399781509.html - prompted my reply: ============ Comment: In reply to Mr. Ostrum, as an appraiser who's seen many properties I appraised go on to sell, the range is closer to +/- 2-5% for an active, homogeneous market, and maybe 10-15% for rural or specialty properties. The reality is that the real estate market is inefficient, with incomplete information among the participants. That's why an individual buyer may be overzealous and overpay, or an individual seller may be desparate and under-price a property. An appraisal is typically the 'most probable value' - and sometimes not the same as the offer on a property for sale. This certainly upsets both buyer and seller, and their agents, but that's our job as appraisers -- to determine the 'most likely value' a property would sell for tomorrow if the bank had to take it back - and not necessarily what it's selling for today between the specific buyer and seller in the transaction. As for the new HVCC, much of the blame for the current problems must lie with the lenders who choose to use AMCs, and push for lowest price/quickest delivery -- without clear requirements for best quality - i.e. geographic familiarity, and additional experience and education. In my own practice, I only accept AMC orders for the 5 zip codes in my immediate area, and at a price and delivery time that allows me to complete sufficient research to produce a good quality report. Matt Boxberger