This is a pretty niffty detailed chart for finding time adjustments, we are done.

[Sadie]

True. Some of them were ordered and completed by individuals with integrity, and some were not. There are ways to skirt around AIR requirements using arcane "appraiser panels" populated by a few favored "number hitters" specializing in 24 hour turn times and assisted by runners.

There were always the perferred appraisers.

 

[Sadie]

I was not appraising in the 90's, but 30 photos of all sales versus one front photo of the house did not improve the accuracy of appraisals?

I do believe our need for excessive interior photos is from some appraisers fudging their reports.

 

[alebrewer]

Does anyone think that appraisals have gotten better, more accurate, more reliable?

There is absolutely no doubt in my mind that appraisals today are better supported than pre-2000. That's not to say there weren't good appraisers back then, but on average - todays appraisals are much better supported. Of course that's an opinion - like yours. No way to defend either position.

 

[alebrewer]

Prior to the internet, NOTHING could be verified by the clients. Not comp photos, not property condition, not GLA, not an assertion that there was no external obsolescence, NOTHING. The clients took our word that the GLA was accurate, that the condition was accurate, that the comps weren't completely made up. Add to that there was no 1004MC (crappiness of the form aside) which meant that most appraisers weren't even doing a market analysis at all. And I can attest factually that there were a LOT of appraisers who took advantage of that information asymmetry.

 

[DTB]

Prior to the internet, NOTHING could be verified by the clients. Not comp photos, not property condition, not GLA, not an assertion that there was no external obsolescence, NOTHING. The clients took our word that the GLA was accurate, that the condition was accurate, that the comps weren't completely made up. Add to that there was no 1004MC (crappiness of the form aside) which meant that most appraisers weren't even doing a market analysis at all. And I can attest factually that there were a LOT of appraisers who took advantage of that information asymmetry.

Weren't the clients much more local lenders in days of yore?

Again, IMO, all of these enhancements are instituted because of the supposed need for speed, the lack of local lenders, the propensity of sending appraisers outside of a reasonable market/service area. Back in the day appraisers knew their market intimately and were often former or current brokers as well. When I started appraising, I went on the broker's tour of houses that I thought might present a problem/ difficulty as a comp down the road. When appraisers are covering 30 miles or more in all direction a lot of nuance can be lost. I understand why they do it but it doesn't make for great appraising IMO.

2nd to last sale I made was a house located in a very desirable small niche in an inner ring suburb. Never really on the market, went thru a friend of a friend...lender sends some high number licensee from 35 miles away! Guy had no clue! Appraisal was off by 20% +/-, buyer was livid. I had to anonymously provide her the data to send to the lender for reconsideration. Guess what!? It now appraised for 10K over what I sold it for (left a little on the bone for her, to the chagrin of Mrs DTB).

I wasn't concerned about it appraising out or not, I knew I'd get my $$$ even if I needed to wait for a cash buyer.

 

[Terrel L. Shields]

Lenders selected local appraisers who knew their market for the most part. Not that they were mistake free. But today the appraiser is the low bidder chosen by a foreign AMC who has nary a clue about the market nor the capability of those selected, and might come from 50 miles away. And they are trying to do 2 a day because if they don't, they are making the same wages as the clerk in the Sneeze and Freeze.

 

[Surf Cat]

When I started appraising, I went on the broker's tour of houses that I thought might present a problem/ difficulty as a comp down the road.

I used to go to those here. They'd be on Thursdays. I dropped my card in the plate where all the other Realtors put their cards. I took a lot of ribbing but it was all in good fun. That was back in the mortgage broker ordering days when it was fun.

 

[Fernando]

Lenders selected local appraisers who knew their market for the most part. Not that they were mistake free. But today the appraiser is the low bidder chosen by a foreign AMC who has nary a clue about the market nor the capability of those selected, and might come from 50 miles away. And they are trying to do 2 a day because if they don't, they are making the same wages as the clerk in the Sneeze and Freeze.

You can take advantage of the "foreign AMC" that doesn't know your market.
Many years ago I would get a premium from this AMC when appraisal value is anticipated to go over $1 million.
When average price is $1.5 million, it was easy money.

 

[Tom D]

There are certain things that CU knows before you even send in that report from all the thousands it has seen ever day. One bad thing about CU is is that it's overlays are more of a census tract overlay than a zip code or neighborhood overlay.

You all remember that old appraiser adjustments list. Why can't fannie give us the market time % before, when it already knows the answer. And there are other things it knows, but let us know?
No way giving appraisers good data. This, cause of stupid running a big organization. They have that proof to burn you, but not to help you.

 

[alebrewer]

Weren't the clients much more local lenders in days of yore?

Countrywide opened their doors in 1969. I was doing work for them in the late '80's. Was doing work for CLT appraisal Service in the early '90's. To your point, though, would it matter? Unless that mortgage lender had the sales books, FEMA mapping services, made a personal visit to the subject property and comps, drove down to the courthouse to review deed transfers, etc. How would they know?

Again, IMO, all of these enhancements are instituted because of the supposed need for speed, the lack of local lenders, the propensity of sending appraisers outside of a reasonable market/service area.

The enhancements were instituted as they became available. And of course they were integrated to increase efficiency and speed - isn't that mostly why any new technology is embraced? Not sure what point you're trying to make here?

When appraisers are covering 30 miles or more in all direction a lot of nuance can be lost.

30 miles in my market area is nothing...

2nd to last sale I made was a house located in a very desirable small niche in an inner ring suburb. Never really on the market, went thru a friend of a friend...lender sends some high number licensee from 35 miles away! Guy had no clue! Appraisal was off by 20% +/-, buyer was livid. I had to anonymously provide her the data to send to the lender for reconsideration. Guess what!? It now appraised for 10K over what I sold it for (left a little on the bone for her, to the chagrin of Mrs DTB).

How is this example related to any specific point in time? I could provide similar examples from 30 years ago...