Somebody is just not getting it. In the Northern Virginia market, a steadily increasing number of transactions are not closing due to lower-than-fair-market-appraisals. The process that was put in place to remedy past failures and bloated appraisals, has been replaced by one that leaves appraisers in fear of punitive measures for doing their jobs in tracking pricing trends in areas they are sent to assess value. It is totally random luck if you end up with an appraiser who is not from 50 miles away, let alone familiar with the local market conditions. Yes Virginia, Santa Clause has been replaced by the Grinch who favors process over substance. Is anyone on Capitol Hill or State Offices wondering why revenues are down, the economy is sputtering and the traditional engine for economic growth is on life support?
In this election year, everyone is posturing and pointing fingers somewhere else. I, for one, would appreciate some effort and accountability to continue reviewing and implementing strategies and procedures that actually deal with past concerns and base current appraisals on a relevant track that requires the mega appraisal assignment organizations to also require that appraisers have substantive experience in the markets for which they are assigned.
Write your legislative representatives today. Write often.