What to do with the appraisal process?

By
Real Estate Broker/Owner with Highland Realty, Inc 0225 099336

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 The process that was put in place to remedy past failures and bloated appraisals, has been replaced by one that leaves appraisers in fear of punitive measures for doing their jobs in tracking pricing trends in areas they are sent to assess value.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 Yes Virginia, Santa Clause has been replaced by the Grinch who favors process over substance.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.

Dave Rosenmarkle

Broker Owner

Highland Realty

Arlington, VA

www.HighlandAgents.com

 

 

Comments (5)

1~Judi Barrett
Integrity Real Estate Services 118 SE AVE N, Idabel, OK 74745 - Idabel, OK
BS Ed, Integrity Real Estate Services -IDABEL OK

Those low appraisals sure are deal killers.  Hope it gets better.

Jan 26, 2014 08:46 AM
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Great advice to write your legislative representatives!  I didn't think of that!  I wind up having to fight about 1 in 4 appraisals now - most of which are the very ones that I was more than confident would have zero issues with the appraisal!  Go figure!

Aug 21, 2016 01:23 AM
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

You know, I popped back over to add to my previous comment - we're also having issues with appraisals being submitted on time!  We're having to extend our Due Diligence period just about every other deal.  It's mind-blowing how these people keep their jobs!  

Sep 01, 2016 01:36 PM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

I was looking for your current blogs. I hope all is going well for you.

Sep 02, 2016 10:22 PM
Jon Kolsky
Kolsky Realty & Management - Long Beach, CA
Licensed California Real Estate Broker

Dave Rosenmarkle ~ I just want to come by and say hi. I'm hoping things are a lot better now as the appraisal process is vital to the home selling process 

Sep 23, 2016 04:03 AM