Where are the orders!

[J Grant]

Be serious. If I got parachuted into your local and you and I were appraising the same 2bd condo in your project your value conclusion wouldn't be any different than mine. What would be different is the amount of time/effort I would have had to expend to review every sale therein from the last 10 years as a means of bridging the gap in personal experience. Whatever happened in the SFR subdivision across the street wouldn't come into play for how that condo would appraise. And even you know this.

And no, there is no comparison between the amount of available information at the non-MLS databases in 2023 vs what was available in even 2003, let alone 1993 or 1983 when these "geo competency" expectations were established. I know this because I wasn't able to discard the zoning maps (for example) that I had purchased out of pocket until about 10 years ago.

BS, I trained in teh early nineties and the MLS is almost identical to now and so are public records. What other "database" matters?


And properties are far more complex now and far more expensive.

A very competent appraiser can appraise outside their area—to a point—but not on every assignment. The problem is that when the profiteers are in charge, they will not hire the more competent appraisers, which is most needed for outside-the-area work. They will hire the cheaper or flood staff with volume to make a buck. It is pretty hard to deny that will happen.

 

[Dublin ohio]

People at the "top: think that their licensing and system were set up to have appraisers do a better job in protecting the public.
It failed. As long as appraisers can be incompetent with or without licensing or unscrupulous, appraised values can be influenced or manipulated.

Appraisers are people. People will be people. You are either honest and ethical or you are not.

 

[Mejappz]

To the OP and others. The CFPB has made it easy to turn these bids in. I was able to get two attain two bids from a local direct bank that goes through RIMS in which the lender was sending out bids and awarding them to the lowest bidder. The clerks in the bank pocketed the rest. See the link below.

Regulations.gov

www.regulations.gov

 

[Dublin ohio]

BS, I trained in teh early nineties and the MLS is almost identical to now and so are public records. What other "database" matters?

So your MLS was available online in the early 90s

 

[J Grant]

People at the "top: think that their licensing and system were set up to have appraisers do a better job in protecting the public.
It failed. As long as appraisers can be incompetent with or without licensing or unscrupulous, appraised values can be influenced or manipulated.

As long as those who select the appraisers are profiteers who get a cut of the fee and therefore have an incentive to choose the least competent and experienced if teh fee is lower so they can make a buck, then licensing is very limited with public protection. ( the public trust )

 

[Fernando]

Which reviewers? Typical AMC "review" is nothing but a cursory look to make sure the report has all of the "bases" covered. Most of them are not even done by an appraiser

My appraisal reviews in recent years have not been as thorough picked apart or criticized as 20 years ago (maybe there good now).
Sometimes I had a concern with an issue in my report that a real appraiser may ask for clarification. Reviewer doesn't.
The review software the lender goes over my review picks on the "nonimportant" issues. Important appraising issues can't be picked up by computers.

 

[Tom4value]

Remember 3 years ago when AMCs and lenders in general were begging for appraisers to take their orders and appraisers had full schedules and were "ghosting" them or demanding outrageous fees? Well, the lenders do! Classic business case of "what goes around, comes around". Now they have an abundance of appraisers looking for their drastically reduced orders. They remember the ones who would increase their hours of operation to say, "yes" to the orders and still provided quality appraisals for an elevated but still reasonable fee.

Not to toot my own horn (but yeah, I am) but I never said "no". I was working 10-12 hour days, hell, due to covid, I wasn't going anywhere, anyway. Now, I have many clients-many I got from covid times- who remember me and give me the work. Sure, it is far less than those times but at least I am working.

I have always said, you gain clients during the good times, not the slow times. Also, AMCs go for the low-hanging fruit. Stick with AMCs and you are bound to a life of low fees and stiff competition.

 

[J Grant]

So your MLS was available online in the early 90s

What difference does Coes online make? You are another schill for the AMC system. Do you work for one?

MLS is MLS whether it was online or not, and it came online here in the early nineties. But whether the MLS was in a book or online, it was the same info as now - doh. And it has been online for cecases, but the push for remote work is more recent and about profittering, not tech.

 

[J Grant]

Another problem for appraisers doing remote area work is now they are less well informed than the parties buying and selling the properties.
There is a reason most buyers want to see a property in person

How can an appraiser defend a value or methods when they don't know the area and never sell a property? Good luck with that in court - everybody else saw the subject, or knows the area except the appariser. What could possibly go wrong?

 

[Mejappz]

Find better AMCs? I don't know. I don't compete in that area, but my clients are local banks and they provide some stability in that they do not use appraisers on the basis of low fee. I know one banker who told his loan officers to NOT use people who hint they will bring in whatever value they need or that low ball or high ball fees.

But it is a time of year, people go on vacation, and put off refi's etc. until later in the year.

OTOH, you can use that time to write to the CFPB with stories of low-ball offers, and remind them that fee and turn time are not what the FDIC and GSEs require. It requires an appraiser be chosen by qualifications. Name names, send any low-ball offers and argue that it is below C & R...

Don’t worry though you will soon have one, the GSEs come out with their monthly newsletter stating that 95% of the appraisals they revive have a risk score of 4.5 and above for overvaluation. Or the FHFA will write a lengthy study on how appraisers don’t know how to adjust time adjustments in changing markets. And of course, you will have the state boards flooded with complaints. Keep bidding away.