- Jan 15, 2002
- Professional Status
- Certified Residential Appraiser
I have read some of the negative comments about field reviews and I agree there are some pretty lame reviewers out there. However, I suggest you volunteer to do some review work. I do plenty of reviews and I think there is too much slipping through the cracks or slithering under the radar, whichever way you want to look at it. If you are an honest appraiser, you can withstand any questions and can defend you estimated value, so why worry? If on the other hand, if you actually did some field reviews, you might change your mind about the review process. Far too many appraisals slip by without reviews that need to be reviewed. We have "hired gun" appraisers all over my area and they will do whatever makes their lender happy. Ignore that the subject was listed for $10,000 less, no problem. Ignore the 90+ sales in the addition and use the sales from somewhere else, no problem. Need that PMI removed less than six months after purchase, but you need 20% more value, no problem. I, for the life of me, can't understand why an appraiser will risk his license for a $325 fee, so a borrower can get $50-100,000 in equity that really isn't there. There aren't enough checks and balances being made and the insanity has got to stop. So, I think a few questioned good appraisals is not a bad thing. Good appraisals can always be defended. It may be a pain in the behind, but it is a good idea to let everyone know they are not above review. Just my opinion, of course.