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REALTOR’S, WHO’S DOING YOUR APPRAISAL!

By
Real Estate Appraiser

REALTOR'S, WHO'S DOING YOUR APPRAISAL!

 

 

 

In today's climate of HVCC and FHA loans, I've been hearing the horror stories form realtors, about bad appraisals. Do you know who's doing the appraisal?  Is the person a certified appraiser, or a trainee? Did you know that trainee's can not work FHA appraisals?  Did you also know you can only order 1 appraisal per FHA case number? Does the appraiser even have a state license, or access to you local MLS?

 

Here are some tips that might help avoid some nightmares. When the appraiser calls to make the appointment, find out the appraiser's license type, State Certified, licensed or a trainee. Find out the appraiser's license number, and find out what AMC it was ordered through, most AMC's don't allow trainees to do the work. Ask the appraiser, if has access to MLS, if not contact the AMC, and ask for another appraiser. Look up the appraiser's license, is the license valid, are there any complaints filed? Again most AMC's will not work with appraisers with complaints filed against them. When meeting the appraiser at the property (NOW IS NOT THE TIME TO BE LAZY AND SAY IT'S ON A LOCKBOX), ask for a business card, his state license, and photo ID, make sure they match.  Make sure the person doing the work, is the person signing the report.

Sara Goodwin
Estimation Nation Corporation - Portland, OR
Portland, Oregon Appraiser

I like Mary's idea of spelling out what an exceptable appraiser is in the purchase agreement, too.

Jul 30, 2009 03:41 AM
James Graner
Residential Services: http://appraisalmo.com - Saint Charles, MO

Excellent tips for identifying who is doing your appraisal.

Aug 03, 2009 02:18 PM