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Message
re: Disagreement with Appraisal
Posted on 2/8/13 at 2:52 am to Sigma
Posted on 2/8/13 at 2:52 am to Sigma
Apraisers no longer have to keep finance companies happy to get referral work. And they know they are unlikely to get sued for appraising a property too low, whereas overstating the value can leave them exposed to law suits. Thus, they choose to err on the side of caution.
The problem is that many appraisers are just plain lazy. They do not look for unique features of properties, or circumstances of sales, that distinguish them from comps, and every piece of property is unique, as is every sale.
The problem is that many appraisers are just plain lazy. They do not look for unique features of properties, or circumstances of sales, that distinguish them from comps, and every piece of property is unique, as is every sale.
2
Posted on 2/8/13 at 5:35 am to Poodlebrain
quote:
Apraisers no longer have to keep finance companies happy to get referral work.
Yup, they are just put into a random drawing or whatever...
That is one thing that my guy had warned me about when we were trying to come up with a solution. He said "We know what the property is worth, so you can pay another $400 and we can order another appraisal, but there is a chance that we could get the same company and same guy"
Oh, and just thought about this... I got royally fricked when I sold my last house. Appraiser came back 20k under what the buyer and I agreed on. My agent and the buyers agent both called and cussed him out, told him he was WAY off. They were absolutely as furious as I was. He eventually raised it around 12k, but I lost out on 8k because of him.
This post was edited on 2/8/13 at 5:39 am
Posted on 2/8/13 at 8:26 am to Poodlebrain
quote:
Apraisers no longer have to keep finance companies happy to get referral work. And they know they are unlikely to get sued for appraising a property too low, whereas overstating the value can leave them exposed to law suits. Thus, they choose to err on the side of caution.
You are 100% correct, AMC's are now obligated to report appraisers when and if there are issues. At the end of the day its an opinion of value, given by someone who doesn't want to get sued or know there are 3 or 4 more sets of eyes that are going to reveiw their work. Underwriters have also required addtional things which hinder the appraisers adjustments. It's really sad having to tell a person the appraisal they received today is an accurate picture of their homes value and the one issued back in 2009 was way off.
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