If you worked in the real estate industry as you claim, then and only then you would know that all banks have independent appraisals done. My experience with appraisers is they don’t stick there heads out for anyone, they base their opinions of value on comps and current market value. There are several factors that go into appraisers decisions of value. To assert that they were corrupt is such a stretch it’s comical.Wow, a celebrity billionaire doesn't like it that he can't lie to his banker and get away with it.
Every real estate developer in the world should probably be arrested for bribery and corruption. It's a fact of life in the real estate development business. I worked in the business for years which is why I would never vote for ANYONE who works in real estate development. Even guys I would otherwise consider to be honest businessmen, have knowingly paid bribes, because nothing would get built otherwise.
The world of banking and finance is not a "buyer beware" kind of business. Trump's disclaimer is complete bullshit and carries no legal validity whatsoever.
If an appraisal comes in under value, they can request a reconsideration, in most cases the value is not adjusted unless comps are submitted that support the value. The process has worked out well for a long time, the only reason this fiasco is going on is they’re afraid of President Trump exposing their rotten system
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