The Race To Automate Appraisal Process

[timd354]

I consider the disavowal of the legitimacy and efficacy and the usage of our judgement and the subsequent effect on our work to be a problem.

The reason that some clients and intended users disavow the legitimacy and efficacy and the usage of the appraisers judgement is a result of a loss of trust that appraisers are going to always honestly exercise that judgement in an unbiased manner. For numerous reasons, there is a trust issue with the appraisal profession...a significant number of people just don't trust appraisers and that is a problem for which there is no easy solution since there is a readily available supply of recurring examples of misrepresentation done by appraisers. Even though most appraisers are basically honest, there is a large enough minority of appraisers who engage in questionable conduct that some clients/intended users just are not going to give appraisers their full trust. This is especially true of secondary market entities that have have little or no control over the appraiser selection process for the loans they purchase and/or insure.

 

[Eli]

The reason that some clients and intended users disavow the l legitimacy and efficacy and the usage of the appraisers judgement is a result of a loss of trust that appraisers are going to always honestly exercise that judgement in an unbiased manner. For numerous reasons, there is a trust issue with the appraisal profession...a significant number of people just don't trust appraisers and that is a problem for which there is no easy solution since there is a readily available supply of recurring examples of misrepresentation done by appraisers. Even though most appraisers are basically honest, there is a large enough minority of appraisers who engage in questionable conduct that some clients/intended users just are not going to give appraisers their full trust. This is especially true of secondary market entities that have have little or no control over the appraiser selection process for the loans they purchase and/or insure.

Ok, let’s go back about 3 steps. Like mortgage fraud where people should have went to jail, change in market structure to an oligopsony with market power on price, and people like you. Lol

You honestly can post this with a straight face when people should be behind bars? I’m not talking appraisers. You have gall. Lenders should have went to jail.

 

[Eli]

Timd, you and JoanT should go in the comedian business. You would make a great duo.

 

[timd354]

Ok, let’s go back about 3 steps. Like mortgage fraud where people should have went to jail, change in market structure to an oligopsony with market power on price, and people like you. Lol

You honestly can post this with a straight face when people should be behind bars? I’m not talking appraisers. You have gall. Lenders should have went to jail.

Yes, I agree that more people than the small hand full who were prosecuted after the bubble burst should have been prosecuted and gone to jail, but so what? That has nothing to do with why many clients and intended users do not fully trust (or in some cases even marginally trust) appraisers. I was just explaining the way it is, but if you want to ignore reality there is really not much I can do to stop it.

 

[Eli]

Yes, I agree that more people than the small hand full who were prosecuted after the bubble burst should have been prosecuted and gone to jail, but so what? That has nothing to do with why many clients and intended users do not fully trust (or in some cases even marginally trust) appraisers. I was just explaining the way it is, but if you want to ignore reality there is really not much I can do to stop it.

No, it has everything to do with it. Some of your clients should be in jail. Are you serious? Lol

 

[George Hatch]

The reason that some clients and intended users disavow the l legitimacy and efficacy and the usage of the appraisers judgement is a result of a loss of trust that appraisers are going to always honestly exercise that judgement in an unbiased manner. For numerous reasons, there is a trust issue with the appraisal profession...a significant number of people just don't trust appraisers and that is a problem for which there is no easy solution since there is a readily available supply of recurring examples of misrepresentation done by appraisers. Even though most appraisers are basically honest, there is a large enough minority of appraisers who engage in questionable conduct that some clients/intended users just are not going to give appraisers their full trust. This is especially true of secondary market entities that have have little or no control over the appraiser selection process for the loans they purchase and/or insure.

I agree completely, and it goes back to appraisers NOT DOING what they say they're doing, which is unethical.

 

[Mike Garrett RAA]

And the beat goes on and on and on. Been hearing this for almost 30 years and we are still here.

 

[Restrain]

This is what the new appraisers are being taught. We were doing a condo yesterday. Agent said he had a young appraiser do a home the other day. She walked in with her cell phone, walked through the home taking photos as she walked. Walked in and out, was done. Never measured the home, never asked questions, didn’t look at the mechanicals, nothing. Relying on tax records for size, he guessed.

Might as well have done an AVM for the reliability of the quality of that appraisal.