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Why Is the Appraiser My Friend?
Why Is the Appraiser My Friend?
As a REALTOR®, and a former Mortgage Loan Officer, I have worked with many Real Estate Appraisers, some better than others. I have worked with many Home Inspectors, Insurance Agents, Lawyers, Government Officials, Underwriters and Loan Processors; and several things can be said of each profession as well as our own. Among them are words of praise, criticism, observations, and misconceptions, and an assessment that some are better than others.
 
Today, I was wondering how much REALTORS® really know about Residential Appraisers. Are REALTORS® aware that before appraisers are permitted to sign off on properties, their work MUST BE REVIEWED by their sponsoring appraiser, and this is on every appraisal for a year or more? Where agents and loan officers are required to take a couple of classes and a State exam, appraisers must take close to a dozen courses and State exams. Additionally, once they receive their designations, they must apply to each lender, individually, provide samples of their work, resumes, letters of recommendation, as well as carrying E & O insurance. Then, they spend the remainder of their careers being second guessed by homeowners, REALTORS®, contractors, home builders, governmental bureaucrats, and underwriters.
 
The appraiser must determine value ... more

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