Another Appraiser Plans Early Exit
There are several long time appraisers in my area that are highly respected and do a good job for all the parties concerned. The system has changed and their pay has been cut and the hassle and paperwork has more than doubled. Some appraisers say they can't make a living anymore.
I was speaking with one of my favorite appraisers the other day. She called to gain access to one of my listings and I knew the appraisal would be done correctly and that her knowledge of the area and the comps would be accurate. She had been a Broker/Realtor for years and decided to focus solely on her appraisal business several years ago so her background was sound. Now she feels the business isn't for her any longer.
She spoke about how hard it was to get any report completely finished because the lenders/underwriters feel like they had to challenge her opinions of value and choice of comps rather than relying on her experience and credentials and knowledge of the market. She said that most appraisals take reworking just to please the lender's underwriting.
One underwriter told her to change her comps and told her which comps she wanted her to use. To me that was interference to the highest level and should be prohibited and reported. My appraisal friend stuck to her guns and refused to change her appraisal by adding she had done the job and expected to be paid.
All of the changes and the reduction in pay as a result of ordering through third party companies (they now get a piece of the pie) have made her decide to hang it up. It just isn't the same business it used to be, she told me.
She plans to start her own business of selling a high-end skin care line of products instead. I sure hate to see her and other quality appraisers leave the business. Will the quality of appraisals suffer? Will prices spike? Why has it come to this?