Recent Tucson Real Estate Market Appraisals has been making it harder on people in the Tucson area with national press about  depreciating values nationally. Appraisers that were once conservative about appreciating values a few years ago are now conservative in making value estimates. Well Fargo and also Countrywide are now requiring extra money down when a home is seen in an area of proposed depreciating value.

The problem comes when dealing with out of state underwriters who do not understand the local market, or with inexperienced appraisers that are not totally familiar with certain areas of town. Such an event happened to one of my buyers this last week when mistakes were found in the appraisal done on a Dove Mountain Property that she received a great discount from the builder, and only to be told that the home did not appraise. The appraiser had taken two builder reductions instead of one from one the comparable properties. Hence the appraisal was reduced by over 23,000 dollars. The appraisal was amended after talking with the underwriter and the appraiser, but the box that said that the area was in decline was not ammended by the appraiser.

One can understand someone not wanting to lose face to a lender but at the expense of a Buyer?

The Ritz Carlton recently started its largest resort in the development after years of planning and the areas is poised to become a number one golf destination in the United States. So depreciating value?????