Well, here is my first blog, hopefully it will be of help to some of you. I am also a Licensed Real Estate Appraiser (although not practicing anymore) as well as a REALTOR. During my years as an appraiser there were several things that kept coming to the surface from agents that I assume they just didn't know about the appraisal process. So I have decided to talk about a few of the common issues.
- First off, appraisers work for their clients, who usually are the lenders and as such are bound by client confidentiality laws. So when you call an appraiser he doesn't have to talk to you and never should be discussing value with you...big no no!
- I generally worked 3 appraisals per day which includes the home inspection and report write-up. This means that I was in approximately 60 homes per month. Appraisers see many more homes than your typical real estate agent. So they know the differences, don't hate them for working hard on your deals.
- No they don't WANT to bust a deal, but sometimes the numbers aren't there to support a sale price. Appraisers have to have supporting information for the values they put down, which means recorded sales not actives or pendings. Actives & Pendings are used to support a trend in a market.
- There are GOOD appraisers & BADappraisers. In agents eyes the good appraisers are the ones that "hit" the number every time. Again, they are not trying to break a deal, there are strict guidelines that must be followed.
- Appraisers are bound by the Rules and Regulations of the State Board of Appraisal and The Uniform Standards of Professional Practice (USPAP). These are very strict and the Board does not mess around with infractions. Just by hitting a number an appraiser is jeopardizing his entire career.
These are just some basic issues, and just my opinions to go along with them. Hope they are of some help.
Tim Mullen
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