Time is running out!
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HVCC is a reality, it is upon us, banks are getting ready and things will CHANGE! Was just working with a bank getting ready to take on the task of ordering appraisals as opposed to sending them to AMC (appraisal management companies) That is the good news....The bad news......More deals are going to fall thru due to appraised values and YOU cannot do anything about it unless you follow my suggestions on a previous (featured) post. See link below!
My post on HVCC how realtors can help!
I asked this BANK if they get a request for a Lakefront Appraisal, can the Loan Officer specify to use a Lake Appraiser and their answer NO!
....BUT if you put this in the contract, they have no choice but to get an appraiser that has this kind of experience. This is not against HVCC as we are talking competency here.
The BANK says to me if an order is placed with an appraiser not familiar with Lakefront or other special properties or locations, they are supposed to decline the order per USPAP (uniform standards of professional appraisal practice) While this is TRUE, that does not happen, they will take that order and who knows what you may wind up with! This happens with Appraisal Management Companies all the time! They do not care what your area of expertise is they want fast and cheap.
The companies that I am referring to who are NOT going with an Appraisal Management Company is Guaranty Mortgage, Shelter Mortgage and Guaranty Bank. So if you CAN, I would definitely refer your clients to these banks, WHY? Because they are using the appraisers that these companies have worked with for years and have established good relationships with. They must do a ROUND ROBIN ordering system, but chances are the appraisals will be quality ones due to the many years of experience these appraiser have.
If you cannot use these banks, then ASK the banks or mortgage brokers you are working with if their appraisal ordering is done via Appraisal Management Companies or via their own banks. STEER clearof banks using AMC's. If we squeeze them out, they will do one of 2 things.....Disappear or pay their appraisers what they are worth and with that comes quality reports. You know, you get what you pay for!
So YOU DO HAVE Control. Take care of your clients as they will need it during this time.
We can provide REVIEW services for your clients if need be! We can review appraisals here in Georgia in the counties we cover to make sure that the APPRAISAL is indeed accurate and factual. Contact me if interested.
You may also want to have an appraisal done on a property that your client is thinking of buying or selling...rather than providing them with a Market Analysis. WHY? BECAUSE you can fight the lender with this appraisal if their appraisal appears flawed in some way. At least you have some ready ammunition should this occur.
Remember that YOU may no longer discuss values with Appraisers directly as this is against HVCC. But you can discuss your concerns with the banks or brokers who can relay this information to the BANKS.
Hang in there and be PREPARED....this is your best offense!
Mary Thompson-Certified Appraiser
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