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Answers (9)
- Gary Clayberg, "RadixEdge.com"
- Contributions:12
Because of HVAC, appraisers have been turned into a faceless commodity. Reminds me of the taxi line at the airport. Whatever cab is there when it's your turn is the one you get.
- Vince Curtis, "SoCal Appraiser"
- Contributions:4697
Yes, because we have to use AMCs - middlemen - to get our work at below market wages. The AMCs get 1/3 to 1/2 of our fee, so many appraisers do 1/3 of 1/2 of the work they should. Plus with the 'firewall' between us and the lender and client, there is no incentive to ''make the deal work' . We also have lost all relatioinships we had with the lenders and/or mortgage brokers. I lost relationships I had with agents for over 15 years ! Gone, thanks to
I used to always know what 'ballpark' value the client needed before I went out on an appraisal, so Im not wasting my time nor theirs. Now it 'just appraise it' regardless of anything. And I can kill purchases with no recourse. Why ? Because thats how its set up now. And why ? People thought / think appraisers were 'the problem' with inflating values. Wrong - appraisers just reported the data, the data of rising values due to artifically low interest rates thanks to Wall Street.
Answer - Realtors need to let their voices be heard about the poor performance of appraisers. Remember, we DONT have a lobby group like NAR working for us.
I used to always know what 'ballpark' value the client needed before I went out on an appraisal, so Im not wasting my time nor theirs. Now it 'just appraise it' regardless of anything. And I can kill purchases with no recourse. Why ? Because thats how its set up now. And why ? People thought / think appraisers were 'the problem' with inflating values. Wrong - appraisers just reported the data, the data of rising values due to artifically low interest rates thanks to Wall Street.
Answer - Realtors need to let their voices be heard about the poor performance of appraisers. Remember, we DONT have a lobby group like NAR working for us.
- Vivianne Rutkowski, "VivianneRutkowski"
- Contributions:923
I think that like with everything else in life, it all depends on the professional doing the appraisal.
- Melissa Loughridge Savenko, "Melissa_Savenko"
- Contributions:225
In my experience, the biggest problem I've had under the new regulation is appraisers who have no familiarity with the area in which they are appraising. It appears these appraisal management companies ("AMCs") are hiring the cheapest appraiser, not the most qualified or experienced appraiser. That may be fine in a standard subdivision, but when you are working mainly in historic neighborhoods, where there are vast differences between properties, it creates huge problems.
Why is it often that a regulatory "solution" makes the original problem worse?
Why is it often that a regulatory "solution" makes the original problem worse?
- sunnyview
- Contributions:25120
Yes it has. Many appraisers do catastrophic appraisals only which as commonly called drive bys. That mean if the house is still standing and has roof it passes. Terrible. Appraisers have been consolidated under large referral agencies to add a step of "fraud protection" to the process, but all that really does is reduce appraiser accountability.
The appraisal system in place is driven by legislators right now and they don't understand it or care to understand it. It make appraisers lazy and feel disenfranchised which leads to bad appraisal work.
The appraisal system in place is driven by legislators right now and they don't understand it or care to understand it. It make appraisers lazy and feel disenfranchised which leads to bad appraisal work.
- Robert Hourigan, "nepaRealtor"
- Contributions:2
I have seen it take a turn for the worse when they appraise short sale properties. I've noticed they are not treating them as an reo - which i beleive they should, as many are vacant and abandoned. For some reason they are comparing them to other resales that are in move-in condition. Many times they do not even know the condition inside because they do drive-bys instead of an interior inspection, and see it is still owned by an individual (opposed to a bank) and over value them almost every time, which then makes the short sale much more difficult as the bank negotiates from the appraised value. I've lost several short sale deals because of this.
- Frank Allen, "Frank Allen"
- Contributions:87
Appraisers seem to be coming from out of the area and using comps that aren´t comps... maybe located in a different school district or 3 country club homes used as comps to a sale outside the gates. I don think it is helping the public because values on reports are less accurate. Not that the appraisers are slacking, they are just assigned jobs they shouldn´t be where they are unaware of all the factors of value.
- James Callas, "ABBAUSA"
- Contributions:956
Yes for some and No for most.
The new rules makes it harder to me to get good accurate dependable appraisals, like in the past.
I would question any low ball appraisals.
Good Luck!
James Callas - Realtor®
The new rules makes it harder to me to get good accurate dependable appraisals, like in the past.
I would question any low ball appraisals.
Good Luck!
James Callas - Realtor®
- Erich Young, "Erich Young"
- Contributions:347
Personally I have not seen a change in 'work ethic' or 'accountability' as you posted the question. I have seen more flawed appraisals from appraisers unfamilair with local property issues, situations that only a local would know.
Has appraiser work ethic and accountability gone down?
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- 0.0/5.0
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