Geo Competency.30 mile rule, really?

[J Grant]

RE agents are never satisfied no matter how much lenders accommodate them, because what they really want is to get back control of appraisers they had with mortgage brokers.

RE Agents lobbied to have their sales data looked at when a SC price did not come out as MVO, and won the right to submit an ROV. They complained appraisers came from afar, now many clients restrict appraisers to a 30 mile distance. And still RE agents whine, as some take on the role of bouncers at a night club to block access.

 

[Delta85]

On the one hand I am happy to stay very local and do so as much as I can. I have no problem with lenders wanting a local appraiser as close to the subject as they can recruit. On the other hand, defining geo competency is complicated. I've moved around a lot and have lived in different areas for lengthy periods of time and feel I can cover a large area, and have at times, over the years competently and professionally.

 

[FalconfanKen]

AMCs and agents in the near future will claim there is an appraiser shortage because of lack geo-competency. "We can't find an appraiser within 25miles there is a shortage of appraisers, the ones 20miles away don't know my area." Really...relax appraiser rules....that's what they will say.

This makes me think of something else that will happen. Since there aren't any new appraisers coming into the business, one day supply/demand will tilt in our favor, and just when you think the banks will pay morewoohoo, the requirements will be relaxed and suddenly using trainees will be permissible.

 

[sandpiperapp]

This makes me think of something else that will happen. Since there aren't any new appraisers coming into the business, one day supply/demand will tilt in our favor, and just when you think the banks will pay morewoohoo, the requirements will be relaxed and suddenly using trainees will be permissible.

They will raise the deminimus or maybe allow an alternative valuation product.

 

[Mile High Trout]

RE Agents lobbied to have their sales data looked at when a SC price did not come out as MVO, and won the right to submit an ROV. They complained appraisers came from afar, now many clients restrict appraisers to a 30 mile distance. And still RE agents whine, as some take on the role of bouncers at a night club to block access.

The counter to this argument remains the same.

If they would have had a pre listing, they would have been better prepared to deal with the mortgage lending side of things. Salespersons have a tough time switching gears from sales to process compliance. That's where the appraiser comes in with pre listing services.

If more appraisers sold the service like that, we'd all benefit from the word of mouth and what not, and get more random pre listing requests. It's the ego side of it I guess. The best salespersons take the pressure off of themselves, by getting a pre listing appraisal and appraiser consultation. Talk the sellers into paying for it, and it's always worth it. Like why go through the closing hassles when you did not have to?