re: Property Appraisal Question

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Do you not think that it's absurd that as the appraiser you have access to the agreed upon offer before you do any of your "work"?

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I dont disagree with you. It could influence our opinion of value, but at the end of the day we have to present factual data to support our conclusions. I try not to look at the contract until the end of the valuation process. We are required by USPAP, the national governing body for appraisers, to analyze all contracts associated with the subject property and determine their affect, if any, on market value.

I can only speak for myself and what I do. There are good appraisers and bad appraisers out there, just like any other profession. I have seen alot of IDIOT appraisers beleive me.

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10 minutes is a very quick for an onsite inspection, but its not as detailed as a home inspection. Our job is to determine value. 95% of the work is done at my desk and not in the field.

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It is just a big coincidence that he used the exact # I told him I purchased the property for 2 years earlier with all his comps were higher than what he put the value for mine.

You can just admit that your "service" is a scam and not worth the paper it is printed on. lmao.

It was a waste of $450 to get my rate refi. Appraisers will always be a bullshite profession to me.

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the fact that there's no official appeals process tells you all you need to know.

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There is, it’s called a reconsideration of value. Happens often

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doesn't have to defend himself is absurd.

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I have to defend my work all the time.

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You clearly no nothing about the profession.

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The profession is a scam and you are paid off by the banks. Lmaoo.

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Every appraisal is scrutinized by a human reviewer and run through a computer program. We cannot do whatever we want.

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bullshite. My refi appraisal coincidentally came back exactly the number I told the guy I paid for the house 2 years earlier.

The “appraisal” at original purchase was $11K higher than what I paid for the property and 2 years before lmao.

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We are held to certain standards by our clients which are the lenders. If we do not meet those standards, we are called out on it.

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You are bought and paid for by the banks to tell them the number to sell a loan that the bank will then resell to another sucker. Lmao.

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People dont like the appraiser because he often gives you the truth about your property and you dont want to hear it.

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Nah. It’s a scam profession that was not worth a penny of what I paid for it.

ETA: All I wanted was a simple rate refi. No cash out or HELOC and I put 24% down on the property when I purchased it. An appraisal was a complete waste of time and money for the transaction I was engaging in.

Many folks agree with my opinion, so there has to be a kernel of truth to all these similar experiences.

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And that’s not true at all. Especially when it comes to paying taxes

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Ok, most people.

In regards to your questioning the multi-unit sale..... IT DEPENDS. With regards to the appraiser's motive understand that to most appraisers your assignment is merely one of many.

Almost all issues with appraisers and the appraisal industry are caused by your GUB-MENT. To say the industry is over-regulated would be an understatement. In the days of old a borrower could select their appraiser based on availability, competency, experience, etc. Not any longer. The government feels banks should rotate assignments among a pool of appraisers. Your appraiser's poor work quality is likely as a result of this policy.

This in a nutshell has led most quality appraisers to seek greener pastures elsewhere. We are left with very few appraisers with a passion for the industry. The bulk of 'so called' appraisers operate off of low fees and high volume.

In short, in an industry where low fee wins, the borrower loses.

It’s possible it was adjusted based on that package sale. You’d need to retain your own appraiser to do an appraisal and make sure the valuation was fairly done. Appraisers do crazy things sometimes but often get adjusted or rejected by a review appraiser.