another tough luck story from Yahoo! Finance that should serve as a warning for all potential homebuyers. As we always say here on this blog, buyer beware, especially when others have their own interests in mind and not yours. As you can see below this can be particulary true in the case of agent-owned properties where the agent and the appraiser have a cozy relationship.
"We thought: 'This is crazy,'" Marie Petrone said. "The appraiser said the house was worth $114,500, so why would we sell it for $100,000?"
A new appraiser concluded their house was worth only $98,000 and said the Petrones had been duped in 1999: The home hadn't lost value. It was just never worth the price they paid.
An angry Marie Petrone filed a complaint with the North Carolina Appraisal Board, alleging the original appraiser, Ed Britt, conspired with the real estate agents -- who also owned the home -- to inflate its value.
Don't forget to check back to Dan's Deep Creek Blog for future updates.
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