• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Let The Borrower Pick The Appraiser

Status
Not open for further replies.

ucbruin

Elite Member
Joined
Mar 11, 2014
Professional Status
Certified Residential Appraiser
State
Massachusetts
Let's suspend reality.....

Once the lender and borrower agree to loan terms.....
The lender provides the borrower with a list of say 5-10 approved fee appraisers located within the subject's location....
And it will be the borrower's responsibility to call and interview the appraisers on the list and decide which appraiser to "hire"....based on fee, due date (obviously the due date will have go reflect rate locks), appraiser's personality, availability, etc......

If that could happen would appraiser be at peace with this system???
 

Howard Klahr

Senior Member
Joined
Oct 4, 2004
Professional Status
Certified General Appraiser
State
Florida
I really need to explain to you why the appraisal assignment performed on behalf of the lender shouldn't be selected by the borrower?
 

ucbruin

Elite Member
Joined
Mar 11, 2014
Professional Status
Certified Residential Appraiser
State
Massachusetts
I really need to explain to you why the appraisal assignment performed on behalf of the lender shouldn't be selected by the borrower?

What's the issue???
The list of appraisers are all part of the lender's approved panel....
 

ucbruin

Elite Member
Joined
Mar 11, 2014
Professional Status
Certified Residential Appraiser
State
Massachusetts
Why don't you go back and re-live the 1980's

That's not an answer....
That's not even a bad pivot....it's a poor pivot.....

It seems to me that many appraisers on the AF have expressed the opinion that AMC/lender are keeping fees and turn times low and short, respectively....

I'm not talking loan reps picking appraisers....
I'm talking borrowers picking appraisers from a list of appraisers on the AMC/lender approved list of appraisers. Those appraisers located in closest proximity to the subject.

Appraisers get a chance to pitch service to the homeowner...
Negotiate a fee....
Negotiate a due date....
What's not to like?????
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
What's not to like?????
Almost everything. Surely it doesn't need to be explained but for one thing it violates bank regulations that have been in place a very long time.
 

ucbruin

Elite Member
Joined
Mar 11, 2014
Professional Status
Certified Residential Appraiser
State
Massachusetts
Suspend reality....
 

hastalavista

Elite Member
Joined
May 16, 2005
Professional Status
Certified General Appraiser
State
California
OK, let's play the what-if game and assume such a process could be enacted.

So you'd prefer to not bid your services to a lender that, believe it or not, is more concerned about credible assignment results and regulatory compliance and will continue to be in business if they don't make that specific loan...
vs.
Bid your services to the homeowner for a financial transaction that is, in most cases, very significant to them and involves a high level of emotional factors?

I'll take door number one each and every time.
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks