Comments on: Response to "A Wakeup Call for the Valuation Industry: Is anybody listening?" https://appraisersblogs.com/appraisal/response-to-a-wakeup-call-for-the-valuation-industry-is-anybody-listening/ Appraisal News and Tips for Real Estate Appraisers Wed, 22 May 2013 02:36:16 +0000 hourly 1 https://wordpress.org/?v=7.1 By: Matt Gloege https://appraisersblogs.com/appraisal/response-to-a-wakeup-call-for-the-valuation-industry-is-anybody-listening/#comment-10333 Fri, 10 May 2013 23:12:02 +0000 https://appraisersblogs.com/?p=4536#comment-10333 My State Regulator will probably shoot me for saying this but its a basic economic rule that “you get what you pay for” trumps USPAP. You’d think if our State Regulators were really interested in quality work they would be a little tougher on the AMC’s on this point. You can’t make water run uphill!!

]]> By: David 27 yr appraiser https://appraisersblogs.com/appraisal/response-to-a-wakeup-call-for-the-valuation-industry-is-anybody-listening/#comment-10332 Fri, 10 May 2013 16:06:01 +0000 https://appraisersblogs.com/?p=4536#comment-10332 Quality of appraisals. Seems to be a big concern… or is it? If quality or more importantly accuracy were a big concern why UAD? UAD does not address the most important issue in appraising, is the valuation accurate? How does making sure a zero is in the carport spot, make my appraisal more accurate? If I forget any of the UAD requirements does it impact the valuation? NO, NO, and More NO.
The challenge I see is that we have people making laws and regulations about a subject they know nothing about. Now of course we all know that UAD is not about making a better appraisal. It’s about making a better data base. And the fact is UAD is the tip of the iceberg.
The challenge with lending is that too much is placed on the appraisal. In my opinion the appraisal is just one of many forms of information designed to help the lender make a lending decision. The appraisal should not have to rubber stamp a sales price, or hit a mark… In an ideal world; The credit worthiness of the borrower, should be paramount. If the appraised value is within 5% to 10% either side of the sales price, than so be it. This rubber stamping of value to make a “deal” is wrong. Yes the appraisal is used to secure collateral for the loan, however as we’ve seen in recent years that can change in a blink of an eye!
So what’s the answer? Please allow our profession to do our jobs! Trust us. Continue to ask question, ask for more clarification that’s fine but please trust us to know what we are doing when it comes to the value of a property.
I’ve heard realtors complain that appraisers are killing deals, really? Show us the comps! Pulling values out of thin air is not really a good appraisal practice so please don’t expect it… conversation for another time.

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