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Massive Shortage Of Appraisers - The Real Problem

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Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
Just got back from a well deserved vacation. Printed out the sales from MLS and three were ones I'd been involved with. So I noticed how long it took them to close. The "massive shortage" isn't on the appraisal end of the process.

Sale #1, Received request 9/1, Completed appraisal 9/4, Sale Closed 10/10.

Sale #2, Received request 9/12, Completed appraisal 9/16, Sale Closed 10/25.

Sale #3, Received request 9/21, Completed appraisal 9/30, Sale Closed 11/01.
 

Randolph Kinney

Elite Member
Joined
Apr 7, 2005
Professional Status
Retired Appraiser
State
North Carolina
I left town November 1 and won't be back until November 25. That was given to all my clients 10 days before I left town. Yesterday, I got a stip on an appraisal I submitted on October 20. It was a silly stip already covered in the appraisal. I email back that was covered already but if they insist, they have to wait until I return.

I agee with Elliott, the delay is with the lender.
 

KHS445

Member
Joined
Aug 20, 2011
Professional Status
Appraiser Trainee
State
Michigan
Elliott - Take your example one step further and include the date of the contract. While my work is 95%+ commercial I still get requests from the lender to rush a particular report, then when I see the contract I notice it was signed 4 to 6 weeks earlier. Having spent 25 years in commercial lending and bank management I am very familiar with what goes into the lending decision and I know it doesn't take anywhere near that long. So obviously it has been sitting on someones desk or the customer has been slow in providing requested information. All of a sudden it is crunch time and we need a rush on the appraisal. Fortunately my regular group of clients is relatively small and they all understand the need to adjust due dates for other reports if a rush is tossed in the mix.
 

OSU Beavers

Elite Member
Joined
Jan 10, 2007
Professional Status
Licensed Appraiser
State
Oregon
Yep, all of the Big Boy take months to close a loan after the appraisal is completed.
 

DREA Dean

Sophomore Member
Joined
Apr 16, 2015
Professional Status
Certified General Appraiser
State
Pennsylvania
Elliott - Take your example one step further and include the date of the contract. While my work is 95%+ commercial I still get requests from the lender to rush a particular report, then when I see the contract I notice it was signed 4 to 6 weeks earlier.

Yeah, often the sale contract is months old before an appraisal is ordered, and then the appraisal is needed quickly. In cases like that, I provide separate fee quotes for 3-, 4- and 5-week deliveries. If they want it in 3 weeks, they are going to pay more. As the saying goes, "Lack of planning on your part does not constitute an emergency on my part".
 
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Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
I received three assignments yesterday for VA appraisals. Two of the three were requested by the lender on 10/7...the third one was requested on 11/7. Maybe the back log at the VA is coming to an end?
 

J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
It has markedly slowed down here over the past two months. I am moderately busy but it's markedly slower (some of that might be election related). Even in a low interest rate cycle, people only refinance once and they don't repeat it for years perhaps. And only so many properties sell in any given cycle. The cyclical nature of RE , with foreseeable slow/lean cycles that can last for months or a year or more, means there can not be an endless supply of appraisers, because on the res lending end, there is no fund or security to tap into during the lean periods...in a busy cycle clients might have to wait days or weeks...I don't see them offering appraisals retainer arrangements to survive during lean times lol. They expect us to work second jobs or burn through our savings, just so there is enough to service them during busy times.
 

TRESinc

Elite Member
Joined
Dec 1, 2011
Professional Status
Licensed Appraiser
State
Ohio
happens all the time to me. if i get an order that is a "rush" request it's safe to bet that the contract is at least 4 weeks old, and usually more. it could be the lender sitting on it, it could be the borrower shopping around for loans, it could be the borrower was denied a loan with another lender already, it could be anything. frankly i don't care. i have good clients and i give them good service but they know if they come to me with a "rush" request it will cost more, significantly more, but the job will get done and they will make their client (the borrower) happy. in turn i will be happy with the significant increase in income, then work extra hours to keep up on all my other orders. i think in the end it's a wash.
 

Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
Terrell said, ppphhhhtttt.

Morning.JPG

Morning light.
 
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