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[markgraybill]

why would anyone let a biased party order an appraisal so said party could borrow money from someone else to purchase the property? the appraisal is not done on behalf of the borrower, it is done for the lender so they can protect their investment. would a car dealer allow you to bring in your own appraiser and sell you a used car for what your hired gun said? of course not, so why would it be any different for a purchase that could be exponentially more?

I definitely understand the safeguards...just seems like appraiser's could be held to the same standards as any other real estate professional, signing an oath not to show bias or engage in fraud/corruption. I guess the difference, perhaps, is that an appraisal is an opinion and therefore more open to bias.

 

[Meandering]

The difference is that appraisers are held to it by law, and our biases have to be supported by the market.

That is not true of other real estate professionals.

 

[markgraybill]

Do you know your appraisal fee yet and where the fee is going and who is paying it?

Please share if you do.

The lender hasn't shared specific amounts, simply that they've put it out there with a rush fee paid by the lender.

 

[Terrel L. Shields]

All you can do is be patient and pray.

 

[Bob Ipock]

I definitely understand the safeguards...just seems like appraiser's could be held to the same standards as any other real estate professional, signing an oath not to show bias or engage in fraud/corruption. I guess the difference, perhaps, is that an appraisal is an opinion and therefore more open to bias.

They do...it is called USPAP.

 

[Eli]

They do...it is called USPAP.

They skirted USPAP with AMC's. Now fees are the bank's focus.

 

[leasedfee]

just seems like appraiser's could be held to the same standards as any other real estate professional, signing an oath not to show bias or engage in fraud/corruption.

Our standards are far higher than anyone else in real estate by far, but you cannot regulate morality. I've meet a number of appraisers whose private attitude is they could care less about quality/oaths as they're motivated by money, so they'll always always make their client happy. As others have said, "You can eat well, or you can sleep well."

 

[markgraybill]

Thanks Everybody. The appraisal was picked up yesterday. Unfortunately, it still won't be back until 9/17 pushing closing until 9/27. But at least we have some certainty now.

Best!

mark

 

[TRESinc]

They skirted USPAP with AMC's. Now fees are the bank's focus.

banks are not subject to USPAP and never focused on it. once again your posts make no sense.

 

[Eli]

banks are not subject to USPAP and never focused on it. once again your posts make no sense.

It is just a diversion to control the appraiser. I assume you don't think that still happens. You always seemed a little slow to me. AMC's are a diversion. I am a USPAP fan and always have been and I have probably forgot more about banking regs than you know or ever knew.

Just wait though. The States are not through yet and the ASC isn't either. The FTC may even jump in before it is over.

The government just needs to take it over and be done with it and I don't doubt it will happen one fine day.