Appraising Tomorrow

[Horton]

The collapse of the housing, banking, and lending industries, in my opinion, is going to get much worse before it gets better. As a somewhat new appraiser (4 years in the business) I think that when the dust finally settles the appraisal profession as we know it will be different, especially for those of us working exclusively in the residential housing sector.

What kind of predictions do you all have for our long term future. Will future lending practices place more importance on appraisals? Will appraisers have any more liability in the future than we do now? Does anyone anticipate that appraisers will be in higher demand in the coming years as a result of the current economic mess we are in. What are your thoughts?

-Eric

 

[Randolph Kinney]

What kind of predictions do you all have for our long term future. Will future lending practices place more importance on appraisals? -Eric

Doom, more doom and finally doom to the extreme. :new_all_coholic:

 

[Terrel L. Shields]

Long term. We will still be the whipping boy. There may be fewer of us in residential work. There will still be a shortage of certified general, especially in specialities and much of that work will be done by an MAI with a shop of 4 - 10 employees, most of whom will not be allowed to use their experience towards certification because of the stupid appraisal regulations limiting "trainees"....if you apply to the state for trainee status, your employer fires you. You become an engineering "estimator" and eschew ever getting an appraisal license.
CE will continue to cater to the lowest common denominator. Look for $40 CE on line classes with generic names...Form of the month class. CE prices will be set at approximately 50% of the going rate for an AMC generated, AVM assisted appraisal. Fannie mae will no longer exist but their forms will live on under the new umbrella GSE - FLUBBER (Federal Lenders Uniform Bad Bailout Ending in Recovery) which will create the 10 page non-USPAP compliant appraisal form with the supplemental Comp Check Certification Sheet....and it will still be our fault for not warning everyone.