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Finally, Some Good News For Appraisers!

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Doug in NC

Elite Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
Just got a notification from a client that the requirement to put 2 listings in the report is about to go away on most of their assignments. AMCs started putting the listings requirement on appraisers back in 2009. With two less comparables in my reports now, I imagine easily a time savings of at least 30 minutes per report.
 

Meandering

Elite Member
Joined
Feb 26, 2006
Professional Status
Real Estate Agent or Broker
State
Pennsylvania
Just got a notification from a client that the requirement to put 2 listings in the report is about to go away on most of their assignments. AMCs started putting the listings requirement on appraisers back in 2009. With two less comparables in my reports now, I imagine easily a time savings of at least 30 minutes per report.

:ROFLMAO:

Perhaps they're projecting a downturn in the market and don't want those listings screwing up your value opinion, that it may be too high.

We can't catch mice, unless we have mouse traps.


.
 

Doug in NC

Elite Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
:ROFLMAO:

Perhaps they're projecting a downturn in the market and don't want those listings screwing up your value opinion, that it may be too high.

We can't catch mice, unless we have mouse traps.


.
I saw it as a knee jerk reaction in an attempt to account for increasing or falling markets. The first time I remember seeing this requirement (from an AMC) was back in 2009 after the market crash. IMO, the requirement should have been to provide listing(s) "if" the market was showing signs of rapidly increasing or decreasing. Instead of leaving it up to the appraiser to decide, the AMCs created a blanket policy of requiring listings on every assignment. To this date, my local credit union has never required listings on their reports.
 

Meandering

Elite Member
Joined
Feb 26, 2006
Professional Status
Real Estate Agent or Broker
State
Pennsylvania
Your local CU probably has a better handle on what the market is or is not doing.

You saw the requirement in '09 because the secret was out, and there was nothing left to hide behind.

Considering a macro market..........without listings how would "lenders" know that the market has turned?

:rolleyes:

Or maybe they are reliant upon Corelogic telling them.

:whistle:
 

bnmappraisal

Elite Member
Gold Supporting Member
Joined
Nov 9, 2011
Professional Status
Certified Residential Appraiser
State
Florida
The "2 active/pending" has been a PITA requirement for many years. I understand in decreasing/increasing markets, but stable markets? I think many lenders (through their AMC counter parts) pushed this after the crash and just ran with it as a "CYA" post crash. Thankfully some direct lenders I work with don't require, although sometimes i will supply active(s)/pending(s) if I deem applicable for additional support, even in stable markets. I sometimes do this as well for private clients, but again, it's at my (the appraiser's) discretion. Whether I include them or not, i still always run a search in my research of the subject's neighborhood/market area.
 

Doug in NC

Elite Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
You saw the requirement in '09 because the secret was out, and there was nothing left to hide behind.
:whistle:
Ha, some big secret that crash was. And you think it took them 7 years to figure out that most of us were out of a declining market? My appraisal market area had already started recovering by 2010. Of course, this area never experienced the out of control price inflation like some West Coast cities enjoyed (so not as far to fall).
 

Amy Perkins

Senior Member
Joined
Jul 20, 2003
Professional Status
Certified Residential Appraiser
State
Tennessee
I start out with 6 sales and 3 listings, sometimes one or two get thrown out for some reason or another. I don't care if they don't require them, I set my own standards.
 

TRESinc

Elite Member
Joined
Dec 1, 2011
Professional Status
Licensed Appraiser
State
Ohio
only one of my clients, which consists of 4 direct engagement lenders and one AMC, has a listing requirement (and it's a direct engagement client). if the market is found to be declining then one active listing is required. that's it.
 
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