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Turn around Times vs Quality

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Terrel L. Shields

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Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
The Ark. board newsletter has an article by the investigator that places the blame for sloppy reports on haste. Pushed by short deadlines, the appraisals she sees appear to reflect hasty inputs and inadequate thought.

Indeed, my turnaround time is 3 weeks. That is what I state and if you expect it any quicker, then fine, but I do not guarantee it will happen. period.

Appraising for some practitioners, "ain't no thinking thing" as the song says. Its mow and go and do it. I'm amazed that any of these 24 hr. turnaround reports are worth a hooey and a half-hitch. From typos to hasty canned replies it runs the gamut. But the part that really seems left out is the research of comps. Pull the quick MLS sales, and if it is a unique property, don't hunt too close, just pick 3 and go...results in poor comp selection more oft than not. Go get the pix and finish report.

I still believe in the Bat Masterson approach when asked how to win a gunfight. "Take your time and don't miss."

There are lots of time where we work for 8 or more hours simply selecting the best comps or tossing one if the conditions are not 'right'. There is a note stuck on my computer today left by my assistant yesterday talking about "this S%^t report.." I took over and added a listing which was close, similarly priced and was the same age and size. Our comps were so limited it meant high adjustments for all of them. total time in the report? too much, sure. about 16 hours between the both of us. And lots of hours between waiting for call backs, driving, etc.
 

Tudor

Member
Joined
Aug 15, 2006
Professional Status
Certified Residential Appraiser
State
Arizona
That is some good news, it is nice to hear someone acknowledge that quicker actually means "worse" not "better".

Maybe this news will make the ethical appraisers life a little easier and a little more profitable.
 

Kevin Mc

Elite Member
Joined
Jun 7, 2004
Professional Status
Certified Residential Appraiser
State
New York
Not in this lifetime.

Maybe this news will make the ethical appraisers life a little easier and a little more profitable.

With the exception of us posters John, no one seems to really care.
 

Ray Miller

Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
With the exception of us posters John, no one seems to really care.


You got it.

Only about 5% care. All the rest want is quick turn times and low fees. No one is willing to pay for the work, no one cares. It cost them money.

I have said this before, the Lender should sit aside a funds from each loan for appraisal expense. They should tell all the borrowers it going to cost you $900 for an appraisal up front. Yes, it would kill a lot of deals. But at the same time if the lender had a reserve sit aside. He could then pay the appraisers and collect the appraisal fee at the close of the loan. The lender would then only be looking at loans that appear to work and be good. But instead they wat to get as many applications in and hopes one makes it. $crew the appraiser if s/he gets paid fine if they don't fine.

Fast is fast and most of the time very poor. But what MB is going to give time to do it.
 

Indiana Jones

Member
Joined
Oct 16, 2002
Professional Status
Licensed Appraiser
State
Indiana
I've found that the longer I do this job, the longer it takes me to complete a report.
 

Marcia Langley

Senior Member
Joined
Aug 26, 2005
Professional Status
Certified Residential Appraiser
State
Missouri
Hear hear, Terrel, after commissioned LOs ordering appraisals, arbitrary turn times is my biggest beef.

IMO arbitrary turn times are a defacto appraiser independence issue.
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Tell that to the VA...faster, faster, faster...but don't you dare make a mistake!
 

Boonders

Junior Member
Joined
Oct 31, 2006
Professional Status
Certified General Appraiser
State
Iowa
I agree...

But, three weeks...that would never cut it at a national firm...:) I've heard of them quoting a few day turn around times on new rush assignments...wow.
 
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