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Residential appraiser question - How do they get assigned
Posted on 1/12/22 at 10:30 am
Posted on 1/12/22 at 10:30 am
I've been working on a cash-out refi for one month as of today. All of my documentation was in order and appropriately provided in the first 4 days. I was told that the appraisal was ordered, and that an appraiser would reach out to schedule. First guy accepted, then cancelled an hour before he was supposed to be at my house (on 12/23). I called my mortgage guy to let him know this wasn't cool, he placed an 'urgent' tag on my appraisal request...but here we are today, and still no contact from a new appraisal. My understanding is that the company I'm using utilizes a third party clearinghouse to order appraisals and they essentially have no control over any of that part. What can I do to turn up the heat? Or am i just going to have to wait it out? First rate lock has already been extended at the lender's expense.
This post was edited on 1/12/22 at 10:31 am
6
Posted on 1/12/22 at 10:45 am to AUjim
Most banks/lenders try to have no contact between the lending officer and the appraiser and either have a third party handle setting it up, or a department of the company that is independent of the lending side. this is to keep the lender from having any influence on the final value.
Over the last year or so appraisals have taken longer and longer to get and have gone up in price a ton. what used to take a week and $300 is now taking 3 weeks and $600.
That being said, the lender should be able to request a rush appraisal if the closing window is short due to a contract requirement, but that may end up costing more.
Over the last year or so appraisals have taken longer and longer to get and have gone up in price a ton. what used to take a week and $300 is now taking 3 weeks and $600.
That being said, the lender should be able to request a rush appraisal if the closing window is short due to a contract requirement, but that may end up costing more.
Posted on 1/12/22 at 10:47 am to AUjim
An appraisal management company (AMC)
They have the appraisers
If you are in an area with limited appraisers you will have to just wait
I know Oregon can take 60 days to get an appraisal in some places. Crazy
They have the appraisers
If you are in an area with limited appraisers you will have to just wait
I know Oregon can take 60 days to get an appraisal in some places. Crazy
This post was edited on 1/12/22 at 10:49 am
Posted on 1/12/22 at 11:06 am to AUjim
There's a thing called an Appraisal Management Company (AMC) which banks use to assign appraisers
it is essentially a rotation of appraisers assigned to a bank that get assigned your property
it is essentially a rotation of appraisers assigned to a bank that get assigned your property
Posted on 1/12/22 at 11:16 am to Shankopotomus
Would me threatening to move my refi to another lender get me any results, or just make me look like a ding dong who doesn't understand the process? Is there anything other than essentially asking nicely through some online portal that my lender can do to speed this up?
Posted on 1/12/22 at 11:48 am to AUjim
well ... "by the book" the appraisers JOB is to protect the lender right? So a threat to "give me the valuation number I want or else!!" sort of negates the whole process 
But I get the sentiment, I really do.
You have the right to hire your own independent appraiser, sure, but they may not give you the answer you want either AND the bank reserves the right NOT to honor/accept the other appraisal
Remember value is subjective. There is no certainty another individual would decide it is worth any more than you. You're the owner - your opinion is the MOST suspect as you have wants for the refi and emotional decisions based on what YOU think it's worth. We all do!
But I get the sentiment, I really do.
You have the right to hire your own independent appraiser, sure, but they may not give you the answer you want either AND the bank reserves the right NOT to honor/accept the other appraisal
Remember value is subjective. There is no certainty another individual would decide it is worth any more than you. You're the owner - your opinion is the MOST suspect as you have wants for the refi and emotional decisions based on what YOU think it's worth. We all do!
Posted on 1/12/22 at 11:59 am to Shankopotomus
quote:
"give me the valuation number I want or else!!"
My bad on that - thats not really what I was wanting to 'threaten'....
I just want the damn thing done and there seems to be ZERO movement. I'll argue with the appraiser about value later if necessary.
Posted on 1/12/22 at 12:14 pm to AUjim
quote:
Would me threatening to move my refi to another lender get me any results, or just make me look like a ding dong who doesn't understand the process? Is there anything other than essentially asking nicely through some online portal that my lender can do to speed this up?
If they are extending for free and u like your rate i would just wait it
Another lenders rate will be much higher
Posted on 1/12/22 at 12:24 pm to AUjim
How much do appraisers get paid? Doesn't seem that hard of a job.
Posted on 1/12/22 at 12:49 pm to Shankopotomus
quote:
well ... "by the book" the appraisers JOB is to protect the lender right?
No sir. Their job is to provide their opinion of a properties' value independent of outside influences. They don't work for the lender or homeowner in that regard.
This post was edited on 1/12/22 at 1:30 pm
Posted on 1/13/22 at 12:47 am to AUjim
They have a rotation. Refi's are always the back of the line. Purchases get first dibs.
Posted on 1/13/22 at 8:00 am to AUjim
The regulations the govt put in this process 10 years ago is insane. Granted some of it was warranted after all the fraud that was going on, but not to this extent. The lender is mandated to use a third party, who is not compensated on that transaction to select the appraiser. Also, the lender does not have that option to use an appraisal you provide. I know you don’t want to hear it, but short of that lender eating money and paying another appraiser a rush fee for you, they really don’t have much control over this part.
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