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James Sturm

Member
Joined
Jan 4, 2005
Professional Status
Certified Residential Appraiser
State
Arizona
Am I missing something. Is it that slow out there?. Are certified residential real estate appraiser's actually taking FHA assignments for peanuts?. One would almost have to take every short cut in the book to complete assignments for the prices I have been seeing currently. If so, HUD should start reviewing more of the work out their being completed especially in Arizona City. Spoke with 1 listing agent in Arizona City who was surprised that the FHA contract price on his listing appraised out. He disclosed to me that he was preparing his client for a price reduction. Spoke with another listing agent whose listing sold over $25,000 above similar competing properties who commented that they are having trouble with appraiser's in Arizona City not making contract prices. .. Why do appraiser think they have to appraise at contract price when they should be appraising market .value? .
 

James Sturm

Member
Joined
Jan 4, 2005
Professional Status
Certified Residential Appraiser
State
Arizona
Is it that slow that an appraiser will stoop to doing a FHA appraisal for under the fee for a conventional loan. Just received a request to complete a FHA interior for way under what my fee is for a conventional loan. Here was my response:

Are you kidding me, $.......for a FHA interior???????????????????????

If you have appraiser's completing appraisals for this fee, please remove me from your panel. I do not compete with the likes of an appraiser who will complete a FHA appraisal for $.........
 

jay trotta

Elite Member
Joined
Feb 8, 2004
Professional Status
Certified Residential Appraiser
State
Connecticut
This Exactly what happens when you take "Independence" out of, "Independent Appraisal Services"; it will eventually create another "inaccurate pile of market data" chasing after the cause of such an end result.

The "Art" of appraising needs to rear it's head soon, before all of the fuzzy math creates another major problem.
 

KYLECODY

Senior Member
Joined
Apr 26, 2003
Professional Status
Certified Residential Appraiser
State
Arizona
Hi James,

I know you work Pinal County and not Phoenix but I will tell you, it is slow...very slow in Phoenix also, at least for me. Just like always I'm sure some people will drop fees or work for crumbs while most of us that either are busy enough or don't need the money will not. Its survival for some.


Arizona City? Now theres a luxurious town;)
 
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