Comments on: REALTOR® & Appraiser Interaction Under Dodd-Frank

By: Retired Appraiser

Retired Appraiser — Fri, 17 May 2013 02:21:24 +0000

FOOD FOR THOUGHT

Maybe…just maybe if appraisers were getting paid a fair fee for the appraisal orders they receive in county they wouldn’t be tempted to accept the higher paying jobs elsewhere.

Understand the reason WHY they are taking those higher paying assignments before you start crying. AMCs are often willing to pay $500+ for out of town assignments where there are few appraisers. I would often take those assignments because of the fee and the challenge. Those cookie cutter assignments in town pay well (or at least they once did) but they are boring beyond belief.

Help appraisers FIX THE FEE DAMAGE caused by AMCs and you’ll be doing something worthwhile besides crying.

By: JOAN HUHN

JOAN HUHN — Thu, 16 May 2013 19:52:13 +0000

Appraisers are reviewed by the management companies, underwritters, etc etc. We have many RULES we have to abide by. I don’t know of any appraiser trying to intentionally “come in low” I am also a Broker and know both sides. Being 100% familiar with the neighborhood has practically nothing to do with it. Remember discrimination. Show me the comps that are acceptable to the bank. Look at a grid on the appraisal sheet and see what is considered. The banks want the closest and most recent sales. We have Fannie, Freddie, lenders, underwritters all making rules. WE have to PROVE the value. Of course they want identical comps which is not possible but they look up sales in the computer and ask you why you didn’t use them(usually lower). I wouldn’t even do a appraisal that is a distance. Anyone that does, is crazy. They don’t pay you enough. If someone skips one next door and goes a mile away, it wouldn’t be accepted. No high adjustments. We can no longer just give any opinion without 20 people challanging us. The problem is the banks and the laws.

By: Matt Gloege

Matt Gloege — Mon, 13 May 2013 20:39:46 +0000

In reply to David 27yr appraiser.

Ahemmm…… (excuse me please) not to be pickey but when someone hands me a “comparable” they are implying from their viewpoint that I should use this property in my report otherwise I could be considered as “incompetant”. There are “Sales” (which I would be more than happy to consider) but let me decide which is a “Comparable” and which is a “Sale” — thats what I’m getting paid for. Just sayin….

By: David 27yr appraiser

David 27yr appraiser — Mon, 13 May 2013 17:19:59 +0000

Show me the comps!!! This issue stated in above is typical in my area as well (Monterey CA). But it’s not limited to just geographical competence… Realtor’s are complaining about appraiser’s “cutting the deal”, low balling the appraisal, being too conservative etc. My response is always “Show me the comps”. If the market is appreciating at such a high rate than the market should be showing me this, even the flawed 1004mc form is useful for this. But the data is not showing appreciation or as high an appreciation rate as the Realtor would like. So why is the appraiser at fault? As an appraiser I am always open to looking at additional data… just show me reasonable data and I’ll make a reasonable valuation!

By: Jack Schlenk

Jack Schlenk — Mon, 13 May 2013 16:27:49 +0000

A realtor friend of my had a unacceptable appraisal report. She ask what could she do about it. I told her to read the article on my blog “UNACCEPTABLE APPRAISAL REPORT”. Then do a review/check of the subject’s appraisal report to see if the said appraisal report data meets the requirements to be a acceptable appraisal report. My friend contacted the lender and explain with the unacceptable check list why this report data did not support the value opinion. This is REO property. My friend is waiting for a answer from the lender.