Out-of-town appraiser?

[Michigan CG]

Ms. Homebuyer,

If you feel uncomfortable about the appraiser call your lender and tell them to change the appraiser to a local person or you will take your loan elsewhere. You should have a new appraiser by the end of the day.

 

[The Warrior Monk]

And the buyer has no decision who appraises the unit. Thats the lenders decision.

While it is true that the buyer (is not the client and) does not select that appraiser, the buyer can certainly request that a local appraiser be engaged in the assignment...whether the client decides to listen is another story.

We have had situations where a client calls us because the applicant insisted that the lender use a local appraiser, and it is not just because they want a "high number." Nonlocal appraisers often are unaware of the nuances of the various locations (extremely important in many locales), and underappraise properties as well as overappraise.

BTW, this is not only true of lending clients, but nonlending clients as well.

 

[stefan olafson]

homebuyer,

Please read my previous post!

The chances of getting a 'Skippy', (one who just hits a number) have declined because of the mortgage mess.

Talk with your lender, get some idea of the appraisers abilities and go from there.

The value of the property should be supported by what we call matched pair analysis. We attempt to have the market make our adjustments. If we find two rather closely similar homes with one feature different, we can pair them and arrive at a value for the item.

Your unique home is not unlike thousands of others across the country.

There is a very good appraiser in VA, his name is Don Clark, try get a hold of him if you need a second opinion. Not knowing where your home is located, he may be able to help or suggest someone else who will.

 

[Ken B]

Come on..."appraiser isn't even from the same county." If I live a mile down the road from the adjacent county, I don't live in the same county. That doesn't mean I don't know the adjacent county better or worse than my county of residency.

I would be interested in knowing how many of the posters who are trying to scare you with the topic of "geographical competency" limit themselves to a single county work area. Wait, some of the persons trying to scare you aren't active appraisers. So, how much credence should you be giving their scare tactics?

You should not write off this appraiser without speaking with him/her first. He/she may be much more qualified than an appraiser living next door to the property you are seeking to purchase. If, after you speak to the first appraiser, you discover issues with his/her qualifications, request the lender engage a different appraiser. Better yet, ask the lender for a list of appraisers that service the area in question and interview each of them.

Having said that, you cannot insist on the lender using a specific appraiser if that appraiser is not approved by the lender. The lender is responsible for qualifying the appraisers they utiliize and must be the engaging party.

Good luck with your purchase. Hopefully it will all go smoothly.

 

[CURT VAN HOOSER]

Homebuyer,

If you are truly concerned, and are paying the appraisal fee, ask either for; assurance that the selected appraiser is geograpically competent, or the lender to hire a local appraiser. As others have said, just because someone from out of town or the next county comes in to appraise your property does not mean they are not fully qualified. Others have suggested that the appraiser may be "ethically challenged" and this is the reason he/she was hired. Sadly, this is a posibility. However, it is just as likely that a local appraiser is less than ethical. Regardless, I would demand a copy of the appraisal.

 

[TC]

My coverage area encompasses 5 counties, so it's quite possible the appraiser they selected is more than competent.

TC

 

[The Warrior Monk]

Lots of folks are taking the all or nothing attitude regarding this issue...it's not that simple. I think it is a reasonable question to ask why a local appraiser is not being used. It should take two seconds to get a satisfactory answer. If the client states the qualifications of the appraiser, or if they start talking cheap and fast, you'll have your answer.

 

[Ken B]

My coverage area encompasses 5 counties, so it's quite possible the appraiser they selected is more than competent.

TC

Anybody working more than three counties is a Skippy. At least, that's what I heard.

 

[Financially Feasible]

Might I suggest you hire your own appraiser independent of your lender?

Wendy makes an excellent point. I just finished an assignment last week where a couple was buying a house and already had their mortgage appraisal performed. The husband engaged me to do an appraisal to "see if he was doing the right thing". My inspection lasted almost 3 hours (it was a nice size house... about 4,000 sq. ft) - I walked them through the entire house (it was new construction) and pointed out EVERYTHING that was remotely good or bad. For the time that I spent doing the appraisal, I surely lost money... but I was so happy to find someone who was REALLY concerned with a QUALITY analysis that I bent over backwards for these folks. They were appreciative of my extra help! I wish all assignments were like this one (well... maybe without the 3 hour inspection :icon_mrgreen.

 

[Mike Kennedy]

OP - where is the property located? Suggest input from OUT OF AREA Appraisers across the country (including me unless its' in my two county market in NY) will not answer the question you pose.