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Appraising The Same Property Multiple Times In A Year

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Doug in NC

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Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
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North Carolina
I do appraisals for a well-known national lender who has asked me to appraise the same house at least 3 times in the past year and a half, one time even after the house had been sold (although I didn't do the appraisal for the sale). Driveby appraisals were ordered two or three times on the same property and in between I also did an on-site full appraisal. Just wondering how common it is for lenders to do this. Some function of mortgage servicing I guess, especially in relation to properties in various stages of foreclosure. Just got two new requests today to appraise two properties that I have already driveby appraised previously this year (both a little over 6 months ago).
 

AMF13

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Joined
Jan 24, 2002
Professional Status
Certified Residential Appraiser
State
California
I don't mind those. A good bit of the job is already done before I start.
 

Obsolescent

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Joined
Jul 6, 2004
Professional Status
Certified Residential Appraiser
State
Minnesota
I have. Always an interior. I think I did one home four or five times.
 

Tom4value

Senior Member
Joined
Dec 4, 2016
Professional Status
Certified Residential Appraiser
State
Massachusetts
I just did one I appraised two times already in as many years. Nothing wrong with that from an appraiser perspective. Just note it in your report the three year history of performing a service.
 

Terrel L. Shields

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Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Just wondering how common it is for lenders to do this.
In 25 years I have had places I appraised 5 or more times. But only a few did I appraise twice within six months, usually pre-foreclosure, post-foreclosure. I recall one farm I did with an old house, then when they updated the poultry barns, then new dwelling, it burned a couple years later when a pet turned a heat lamp over, so I appraised same house sans the garage (where the fire started), then it sold, then repo'd, then new owner & more updates to chicken houses, they had to refi, and repo'd again, 7 in 15 years or so.
 

AMF13

Elite Member
Joined
Jan 24, 2002
Professional Status
Certified Residential Appraiser
State
California
it burned a couple years later when a pet turned a heat lamp over,

Sorry. Just does not have the umm, cachet? of

Old Miss O'Leary took a lantern to the shed.
The cow kicked it over and this is what she said,
There's gonna be a hot town in the old town tonight. :leeann2:
 

Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
I routinely have a group of properties that are 2055s and do them every 4 to 6 months. Asset evaluation. Its interesting to do them again and again and again. Then they go away and you miss them (usually they work out their issues with the lender).
 

DWiley

Elite Member
Joined
Apr 4, 2007
Professional Status
Certified Residential Appraiser
State
Tennessee
Some function of mortgage servicing I guess, especially in relation to properties in various stages of foreclosure.

Exactly. It is quite common for this reason.

Interestingly, lenders have very polarizing views on the matter. Some prefer to use the same appraiser over and over, and some require a different appraiser each time (if possible).
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
Once a month is fine with me.
 

Tom4value

Senior Member
Joined
Dec 4, 2016
Professional Status
Certified Residential Appraiser
State
Massachusetts
Exactly. It is quite common for this reason.

Interestingly, lenders have very polarizing views on the matter. Some prefer to use the same appraiser over and over, and some require a different appraiser each time (if possible).
True. That is why I contact the lender before accepting the assignment, even if it is the same lender.

Lenders would like the same appraiser because they know it would cut down on turn time. Others want a different appraiser because they feel the same appraiser is more concerned about a value that jives with the last one.
 
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