Purpose Of An Appraisal?

[Deleted member 142783]

Hi guys,
First post,
I've been taking the appraisers course through Allied Appraisal School, been going along with an appraiser to inspections and helping do his inputting (inputting, nothing to do with valuation based decisions).

I've come across some frustrations, that really have me questioning the very purpose of the work. Please tell me I'm looking at things in a wrong light.

So we look at a property and tell them what it's worth. They don't like the number and kick it back for revision. Okay. Revise, kicked back.
I'm seeing a pattern here. If we're not telling them what they want to hear, they don't give appraisers business... So...Why even hire one in the first place if they tell you exactly what to say?

Case in point. Middle of nowhere is a property being bought with an illegal addition. Called in on in, no permits. We told them it's not worth what the buyer is wanting to pay for it. AMC, Buyer, and seller are hounding the appraiser about it. Why even ask what its worth if they don't wanna hear the number?

That and when you DO give a value of opinion, their little machine says "nope" and they kick it back saying, hey our little machine didn't like it. Add another comp (Redo it, for the 3rd time) even though it's in contradiction to the guidelines we've originally asked you to do.... If their little machine is so good at these things, why even have an appraiser in the first place? Just ask the little machine.

You sound like me when I started in 2010...

I thought the business was black and white, 9 times out of 10 it is grey

 

[Koya]

Hi guys,
First post,
I've been taking the appraisers course through Allied Appraisal School, been going along with an appraiser to inspections and helping do his inputting (inputting, nothing to do with valuation based decisions).

I've come across some frustrations, that really have me questioning the very purpose of the work. Please tell me I'm looking at things in a wrong light.

So we look at a property and tell them what it's worth. They don't like the number and kick it back for revision. Okay. Revise, kicked back.
I'm seeing a pattern here. If we're not telling them what they want to hear, they don't give appraisers business... So...Why even hire one in the first place if they tell you exactly what to say?

Case in point. Middle of nowhere is a property being bought with an illegal addition. Called in on in, no permits. We told them it's not worth what the buyer is wanting to pay for it. AMC, Buyer, and seller are hounding the appraiser about it. Why even ask what its worth if they don't wanna hear the number?

That and when you DO give a value of opinion, their little machine says "nope" and they kick it back saying, hey our little machine didn't like it. Add another comp (Redo it, for the 3rd time) even though it's in contradiction to the guidelines we've originally asked you to do.... If their little machine is so good at these things, why even have an appraiser in the first place? Just ask the little machine.

You're working in one of the most frustrating sectors of appraisal work, where real estate agents, mortgage brokers, sellers, buyers, AMCs and sometimes even the lender only want to hear that everything is good to go. Like the kids that stick their fingers in their ears and warble "la-la-la-la-la..." if an adult tries to tell them something they don't want to hear. Still there are sectors where that isn't the norm and actually care about a diligent and competent appraisal. You kind of have to pay your dues and grind the unsightly bits of meat and fat and make sausage before you get to work on the steak and chops.

 

[Tru Red]

Remember....as long as AMC's are in the picture you'll make far more money flipping burgers at McDonalds and have a lot less stress.